A Texas prenuptial agreement is a preemptive legal arrangement couples make before they get married to delineate how they will manage their assets, property, and debt if they divorce. It also helps the surviving partner have a more definitive financial future if their spouse passes away while married.
This agreement distinctly identifies separate property, which consists of assets each partner acquired before marriage or through gifts or inheritance. This attention to detail ensures that each spouse keeps their original property in the event of separation. It also describes community property and its division if the marriage dissolves.
Legal Considerations
Laws:
- § 4.001 – Definitions
- § 4.002 – Formalities
- § 4.003 – Content
- § 4.004 – Effect of Marriage
- § 4.005 – Amendment or Revocation
- § 4.006 – Enforcement
- § 4.007 – Enforcement: Void Marriage
- § 4.008 – Limitation of Actions
- § 4.009 – Application and Construction
- § 4.010 – Short Title
Signing Requirements: Each spouse needs to sign the agreement (§ 4.002).
Dividing Property: Community property (Title 1, Subtitle B, Chapter 3 – General Rules for Separate and Community Property and Title 1, Subtitle C, Chapter 7 – Award of Marital Property).
Enforceability Requirements
Voluntary Nature
Both parties must sign the agreement voluntarily. Neither party should subject the other to intimidation or distress to procure a signature. Additionally, no party should commit fraud or deceit to convince the other to sign.
Reasonable and Fair Disclosure of Finances
Each party should disclose their financial situation in its entirety. They should communicate their assets and debts in language the other party can understand and confirm the other party comprehends the information they relay.
A Distinction between Community and Separate Party
Texas abides by community property law, meaning that all assets either party acquires during marriage become the property of both parties. You can state otherwise in a prenup, so it’s crucial to make the desired distinctions.
Spousal Maintenance
Both spouses can modify or eliminate spousal support in a prenup through discussion. However, a court may deem the document invalid if one spouse won’t be able to meet their financial needs without temporary support from their former partner.
