Premarital or postmarital agreements are a wonderful tool that offer couples invaluable protection, clarity, and most importantly, peace of mind. Marriage is one of the most important partnerships an individual will enter into in their lifetime. Much like any joint venture, there is immense benefit and value in entering into a contract either before or during the marriage. Marital agreements allow couples to outline financial expectations, property rights, division of assets or debts, help characterize joint and separate property, and address potential spousal support obligations or waivers in the event of a divorce.
A marital agreement empowers individuals to navigate potential challenges, both during the marriage and at the time of a divorce or separation.
A premarital agreement is a powerful legal document that serves as a safety net in the event of death or divorce.
A premarital agreement is a legally enforceable contract that defines important concepts such as separate property and community or marital property. The agreement permits couples to designate in advance how assets and debts can or will be split. Couples also have the option to determine when and how spousal support should be paid, if the couple decides to part-ways in the future.
Many prospective couples fear that prenuptial agreements anticipate failure. However, such agreements are nothing more than careful and well-thought out planning tools. These agreements serve to provide transparency and a sense of security to help ensure that your financial interest and personal properties will be safeguarded should your diamond cease to last forever.
Many couples find that having sensitive conversations surrounding finances and separation while providing complete financial disclosure, which is typically required for any marital agreement, leads to fostering open conversations about protecting individual and joint interest. It is also an excellent exercise in building trust before you merge the most sensitive elements of your lives together.
By knowing that you have taken proactive steps to protect your future through a premarital agreement, you can embark on your marital adventure with confidence.
It is truly the best wedding gift you can give yourselves!
Sometimes circumstances do not permit couples to enter into a premarital agreement and that is where the postmarital agreement comes in. Postmarital agreements are often referred to as postnuptial agreements.
The postmarital agreement addresses all of the important issues of a premarital agreement but it is entered into after the wedding has taken place. Postmarital agreements can set forth the financial rights and obligations of the couple during the marriage or in the event of a divorce. They can also be utilized to re-define the terms of a premarital agreement in light of a couple’s changing financial circumstances.
MARITAL PARTITION AGREEMENTS (Texas only)
If neither premarital nor postmarital agreements appeal to you then perhaps you are looking for the Marital Partition Agreement.
A partition agreement, which can only be entered into after the parties’ wed, provides couples with the opportunity to restructure and allocate their community property rights. The agreement permits you and your spouse to customize the division of assets and debts amassed during the marriage.
Unlike a prenuptial or postnuptial agreement, a partition agreement is much narrower in scope. While it covers a narrower range of topics, it can still serve as an important document that simplifies complex issues in the event of a divorce.
At Amin Legal Firm, P.C. we have helped dozens of clients obtain all types of marital agreements to their full and complete satisfaction. If you are about to get married or are married but wish to have an agreement drawn up that will outline your financial and property rights during the marriage or in the event of divorce or separation then please give us a call today!