A marital agreement can help a couple address certain property division and financial issues in a fair, equitable, and civilized manner in the event their marriage breaks down. While many people may benefit from one of these agreements, certain individuals may have specific circumstances that make them more concerned about protecting their finances. A West Lake Hills marital agreements lawyer could explain how one of these contracts can protect you and your future. Additionally, one of our skilled family attorneys could help draft one of these contracts so that it meets your needs and wishes.
Reasons to Enter a Marital Agreement
One of the main reasons why a couple may choose to enter a marital agreement is to discuss asset division in the event of divorce. The division of property and debts can be one of the most contentious facets of a divorce. Entering a marital agreement could protect the parties from costly litigation associated with disputes over property at the end of a marriage. This strategy can be beneficial because the spouses can have a mature conversation about a rational division of assets before they start a potentially combative or emotional divorce process.
If one party owns a business, either one of these marital contracts could protect this party from having to divide their business interests in the event of marriage dissolution. Individuals with children from prior relationships may also wish to enter one of these agreements to protect an inheritance for wealth for their children.
Additionally, a marital contract could protect a party’s property or shield an individual from their spouse’s debts in the event of divorce. For instance, if an individual is getting married to a person with a significant amount of credit card debt, a marital agreement could set out terms that protect this spouse from the responsibility of paying off those debts in the event of divorce. A West Lake Hills attorney could discuss how drafting a marital agreement may benefit a couple.
Terms a Marital Contract Cannot Include
Marital agreements cannot include determinations for child custody. A court must approve child custody arrangements at the time of a divorce. Additionally, a marital contract cannot set the terms of child support.
Parents have little say regarding the amount of child support they pay or receive. The state places requirements for child support based on equations and other factors that cannot be determined prior to a divorce. A West Lake Hills lawyer could explain what a marital agreement can and cannot accomplish.
Requirements For Entering a Marital Contract
Any type of marital agreement must be in writing and signed. Additionally, parties must commit to exchanging honest and complete financial information for the court to uphold one of these documents. Therefore, if one signing party tries to hide some assets or fails to disclose financial information, the resulting contract may become invalid.
Courts will not approve any agreement which a party entered under duress. This means both parties must willingly sign the contract. A lawyer in West Lake Hills could help someone meet all of the legal requirements for their marital agreement.
Hire a West Lake Hills Marital Agreements Attorney
Marital agreements can provide individuals with a mature way to discuss potential asset division and other financial issues in the event of a divorce. Although it may not always be easy to discuss these issues, in many cases, these contracts allow couples to focus on their relationship rather than on concerns they may have about protecting their financial future.
A West Lake Hills marital agreements lawyer could counsel you on your options for drafting one of these documents. Whether you are contemplating marriage or are already married, a marital contract may benefit you and your family.