If a prenuptial agreement was never arranged, married couples in Texas who are on the edge of divorce can sign a postnuptial agreement instead. Similar to a prenup, a postnup covers how real estate and business assets are to be divided in the event of a divorce. Tricky issues such as extra-marital affairs and even limits to a partner’s weight gain can also be covered in a legal postnup.
Most married couples who decide to sign a postnup are doing so in order to make an imminent divorce go smoother. By mapping out how assets are to be divided ahead of time, the couple can part ways more amicably. In some cases, however, a postnup is signed by a couple hoping to delay divorce proceedings and mend their troubled marriage. As disagreements about money and investments can often lead to disputes, signing a postnup can ease some of the tension in the marriage.
Now that the Supreme Court has struck down the Defense of Marriage Act, many same-sex couples are racing to the altar to become legally married. Without time to sign a prenuptial agreement, many experts are predicting a rise in postnups is soon to follow. Although they may have been together for years, same-sex couples could have assets that are deemed separate because they were acquired before the legal marriage.
In the state of Texas, a postnuptial agreement must be signed by both spouses in order to be legally sound. The terms and conditions of the postnuptial agreement must be clearly understood and agreed upon by both parties. In order to ensure that a postnuptial agreement will stand up in court, it may be wise to hire an experienced attorney to help in the drafting process.
Source: NBC News, “If you ran out of time for a prenup agreement, try a postnup“, Kelley Holland, July 05, 2013