When a couple gets married, they are typically agreeing to building their wealth together. Both parties have rights to major purchases, like a house, and benefit from the income earned by the other partner. As finances comingle throughout a marriage, some couples may wish to protect themselves in the event of divorce. As a result, many married individuals choose to enter a postnuptial agreement.
Negotiating a postnuptial agreement can be complicated, but it has benefits. An Austin postnuptial agreement lawyer could help work through any challenges that arise while creating this contract and make sure that these documents protect both of the parties in the marriage. Our marital contract attorneys could also suggest various provisions that might work best in your situation.
Reasons a Couple Might Draft a Postnup
In some cases, the financial situation of the parties will change after they enter a marriage. Such changes in wealth might cause concerns about the damage that could come from a divorce. While a prenuptial agreement may have seemed unnecessary, the new circumstances could warrant such protections.
If one spouse is quitting their job to stay home and raise the children, they might want to ensure that they are not going to suffer financially in the event of divorce because of this decision. If one or both spouses have children from a prior marriage, these agreements can also protect the inheritance of these children. Sometimes, one spouse might seek a postnuptial agreement because their partner engaged in irresponsible financial behaviors jeopardizing the couple’s assets.
It is not uncommon for a couple facing marital problems to worry about losing wealth or assets in a divorce. In any of these cases, contacting an Austin attorney could help a couple learn ways to protect themselves through a postnuptial agreement.
How a Postnuptial Contract Can Help a Married Couple
Postnuptial agreements cover many of the same issues as prenups do. Couples may decide what property belongs to them communally and what property is owned by them as individuals. This contract may also detail the parties’ wishes if they want to divide property in a way that differs from state law.
Additionally, spouses may set the terms and length of support payments in the event their marriage does come to an end. If one party acquired large debts, the agreement might also determine the handling of those debts during divorce. The terms of a postnuptial agreement will vary depending on why the parties choose to negotiate such a contract.
Drafting a Valid Postnuptial Agreement in Austin
Postnuptial contracts are legal documents that must meet certain technical requirements for a court to enforce its terms. Hiring an attorney in Austin to draft the postnup could help ensure that the agreement is sound and legally enforceable in a court of law.
Postnups must be in writing, and both parties must sign the document. The law also requires that people entering postnuptial agreements are doing so of their own free will. Keep in mind that the parties’ assets and liabilities must be detailed before the spouses sign and enter the agreement.
If a party signs because of coercion or agrees without knowing the true nature of the other spouse’s assets or debts, this could prevent courts from enforcing the terms.
Speak with an Austin Postnuptial Agreement Attorney
A postnuptial agreement is one way that a couple can set terms for their relationship that they both find acceptable. Contacting an Austin postnuptial agreement lawyer could help you and your spouse learn about your rights and options for dividing assets and liabilities. Addressing these issues can remove some of the stress and worries surrounding a marriage.