What is a Postmarital or Postnuptial Agreement?
Information provided by a Houston Premarital Lawyer
At any time after marriage, Texas spouses may enter into a postmarital agreement which partitions or exchanges between themselves all or part of their community property, then existing or to be acquired as the spouses may desire. Once the property is partitioned or exchanged it becomes a spouse’s separate property. The partition or exchange of property includes future earnings or income arising from the property as the separate property of the owning spouse, unless the spouses agree future income and earnings will become community property. Furthermore, in a post marital agreement, the parties may agree that all or part of the separate property owned by either or both of the spouses is to be converted into community property. The requirements for preparing a post marital agreement are virtually identical to the requirements for preparing a Houston prenuptial agreement.
Over the years, parties financial needs frequently change during the term of the marriage. While the parties wish to remain married, they frequently wish to address specific separate financial needs. For example, one party to a 10, 15, or 20 year marriage may have a relative who is going to require special needs care for many years to come. Rather than burdening the entire community estate, frequently the parties will partition their community property into two separate estates, so that the one person with the special needs relative can make particular arrangements for that person and the other spouse’s property is free. Also, frequently couples that have been married for many years will have acquired houses, ranches, and businesses that need special attention. Frequently it is easier to manage those properties by partitioning them in a manner that fits the party’s particular needs. If you have questions about a pre or postnuptial agreement, please contact our Houston prenuptial agreement attorney today.