Most people think only about prenuptial agreements in the context of divorce. With today’s complex world and sometimes-changing relationships, marital property agreements can be prepared before and during marriage. For instance, remarriage often compels a parent to preserve property for their children from the first relationship.
As is often experienced in litigating separate property and community property in divorces, the lines of distinction between the two can become blurred over time. A marital property agreement can help spouses and their family members avoid controversy by clearly establishing “what is what” in advance, as well as delineating each spouse’s priorities before they become issues. These types of agreements can preserve pre-marriage residences and other property, set aside future income as separate property, eliminate alimony and avoid other financial claims, and allocate the obligation to satisfy certain debts, including tax liabilities.
If you have children from a prior relationship, you may feel an obligation to preserve as many assets for them as possible. A marital property agreement is useful in ensuring the financial security of one’s children in the scenario of remarriage so that certain assets and obligations don’t become entangled in a subsequent divorce.
Tailored Martial Property Agreements, Including Prenups And Postnups
While marital property agreements can protect individuals and their property in the event of divorce, they can also protect family assets and children in the event of death, particularly if a parent remarries. As the result of a properly prepared marital property agreement, disputes in probate cases are minimized and the probate process is more orderly and less emotional.
These agreements provide important guidance and instructions about financial and other property decisions during marriage, as well as clarify respective rights to property after marriage or death — but they must be drafted properly to be effective in the future.
At the Law Offices of David W. Biles, P.C., our attorneys assist clients through the creation of marital property agreements, including prenups and postnups. Each property agreement is unique and must be tailored to meet the requirements and circumstances of the particular spouses in question. This includes their economic status, their goals and whether they are bringing children from a prior relationship into the new marriage.
Protect Your Rights And Those Of Loved Ones
For more information about marital property agreements from one of our experienced lawyers, email or call our Denton offices at 940-566-0566 to schedule an initial consultation with our firm.