When Should We Consider Signing a Post-Marital Agreement?
Many people have heard of premarital or postnuptial agreements and tend to think poorly of them. But did you know that there’s also such a thing as a post-marital agreement and it can be a huge benefit in a relationship? Both a premarital and post-marital agreement only serve to help you protect your assets and prepare for any event, as removed and improbable as they may be. The details of a post-marital agreement are fairly straightforward and can protect individuals both during their marriage as well as after should they decide to divorce. Let’s take a deeper look at what this entails.
What It Looks Like
A post-marital agreement is very similar to a prenup in a lot of ways, namely that it outlines certain specifications about a couple’s assets, how to divide property, whether to award alimony, or what to do should one of them die.
More specific agreements will dictate how long support would be paid to the other party, who might be responsible for certain debts accumulated during the marriage, and who gets what property.
It might seem logical to also include instructions about child support, custody, and visitation schedules in a post-marital agreement; however, Texas frowns upon and refuses to allow inclusion of this type of information. Call us at The Hollwarth Law Firm for compassionate and knowledgeable guidance on what should and should not be included in Texas post-marital agreements.
A post-marital agreement must be written out and signed by both people without any sort of coercion. The agreement should be as fair as possible and requires full disclosure of all assets and debts.
How To Create A Post-Marital Agreement
It’s strongly advised that each person work with their own experienced attorney to create a post-marital agreement, just to make sure each side is fairly represented. If you’re not clear on what the agreement states or there are aspects of it that you don’t agree with, the time to speak up is before you sign it. A post-marital agreement will hold up in court if it meets all the criteria, so trying to make changes/modifications or dispute any part of it after the fact can be rather difficult.
Why Would You Want One?
It is very rare to need a post-marital agreement; however, it can be beneficial in unique circumstances. People who were recently financially successful (especially if pre-marriage work went into the recent success), people who are about to inherit a large sum of money, and people who are considering staying out of the workforce for a long amount of time to care for their children and are reliant on their spouse’s income should consider getting a post-marital agreement. These agreements may also work to incentivize unfaithful spouses to work on the marriage and provide proof that they are still willing to work on the marriage. Stay-at-home parents may also need some financial cushion if they end up coming out of the workforce for a long time and then get a divorce. Even still, others like to institute this type of agreement to avoid a drawn-out trial should they end up separating.
If you and your spouse are interested in learning more about Texas post-marital agreements and wonder how it could help you, contact The Hollwarth Law Firm today.