Marital agreements set the terms for a possible future divorce. A postnuptial agreement is similar to a prenup, but the parties enter these contracts after they already married.
There are many reasons why a couple may choose to enter a postnup. A marital agreement attorney could discuss the potential benefits of this contract to a married couple. Additionally, courts only uphold one of these agreements so long as it meets specific mandatory requirements. It is essential that both parties consult with a West Lake Hills postnuptial agreement lawyer to ensure that the terms of their agreement are legally valid and equitable.
Why Would Spouses Enter a Postnuptial Agreement
Although many people think of a postnuptial agreement as preparation for divorce, some individuals find that these agreements serve the opposite purpose. Signing a postnuptial agreement could ensure that both parties are willing to openly disclose financial information and expectations and sign an agreement that respects both of their interests.
Once a couple signs a postnup, they can begin working on their marriage without any paranoia over losing wealth to the other in the event of a divorce. Postnuptial contracts also serve as a form of protection. For instance, if one spouse incurs a great deal of debt, the postnup could protect the other party from having the responsibility of paying these debts.
Postnuptial contracts could preserve assets as well. For example, if a party inherits money and wants to ensure that those funds will go to their children even if the parties divorce, a postnup could provide for these terms. A West Lake Hills attorney could work with individuals to develop a fair and equitable postnuptial agreement.
Legal Requirements of a Postnuptial Agreement
To create a postnuptial agreement that a court will uphold, the parties must meet several legal requirements. First, the agreement needs to be memorialized in writing, and both parties must sign it. Secondly, both parties must fully disclose their finances and assets or waive the right to obtain that information.
If the parties attempt to withhold financial information that would have changed their decision to sign, the court may invalidate the agreement. Finally, both parties must voluntarily enter the agreement. The court will not uphold any postnuptial contract if they believe that one party coerced the other into signing the document.
A West Lake Hills attorney could assist in drafting one of these postnuptial contracts. A valid agreement could minimize the complications of a future divorce, saving time and money.
Hire a West Lake Hills Postnuptial Agreement Attorney
If you are considering entering a postnuptial agreement with your spouse, you should seek counsel from an experienced family law attorney. These documents can offer numerous benefits, but you must ensure that a court will consider them legally valid.
Your attorney could also review the information and help you determine whether the agreement is fair and equitable. Contact a West Lake Hills postnuptial agreement lawyer to learn more about how these contracts could help you.