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A postnuptial agreement could help you protect your future

by | Jan 24, 2020 | Firm News |

Did you sign a prenuptial agreement before you married? If not, you are not alone. Many Texas couples often skip this step because they believe it is not necessary for their situation. You may assume that you do not have the wealth or assets to really need this type of legal contract, or perhaps you felt that bringing it up would be a sign that you doubt your fiance’s commitment to the marriage and fear that the marriage will fail at some point in the future.

Things may be different now than when you married, and you may wish that you had taken the appropriate steps to draft a prenuptial agreement when you had the chance. Thankfully, there are still options available to you. Through a postnuptial agreement, you can have the same level of legal protection. This type of agreement works in virtually the same way as a prenuptial agreement.

Confidence for your future

Drafting a marital agreement is not assuming that your marriage will fail at some point in the future. It is simply putting certain things in place that will make it easier in case of a divorce. A postnuptial agreement is appropriate for couples that have seen significant financial changes since their marriage, such as through a family business, inheritance left to one spouse, increase in income, and more. Every situation is different, and these agreements can benefit anyone, regardless of income level.

Like any type of legally binding contract, you will find it beneficial to do your research before you draft or sign a postnuptial agreement. The implications of these contracts are potentially significant, and it helps to do your due diligence. The following are helpful facts that you may find useful:

  1. In order to have a legally enforceable postnuptial agreement, it requires that both couples fully disclose all of their financial information.
  2. The agreement can limit your exposure to financial loss in case of a divorce and allow you to establish what assets are separate property.
  3. Postnuptial agreements are also useful for couples that may have children from previous relationships they want to protect.

Every couple is different, and your goals will depend on your current financial situation and your projected finances in the future. If you think you could benefit from a postnuptial agreement, you may want to speak with an experienced Board-certified Family Law expert attorney about this step in Collin County, Dallas County, Denton County, and surrounding areas of Texas. An assessment of your goals and long-term prospects can help you understand what steps may be important for you.