Postnuptial Agreements: Can They Save a Troubled Marriage?
Every relationship is different, and marriages can be complex. However, there are certain strategies that can help to resolve conflicts and potentially improve or even save a marriage. A postnuptial agreement is one of these strategies.
If you are considering a postnuptial agreement, you should consult with an experienced San Antonio prenuptial and postnuptial agreement attorney who can address your legal concerns and questions. Your lawyer can help you and your spouse weigh the pros and cons of entering this type of agreement. If you decide to move forward with one, they can prepare your agreement and make sure it addresses your concerns and meets the legal requirements for these contracts.
What is a postnuptial agreement?
A postnuptial agreement is commonly referred to as a post-marital agreement or a postnup for short. It defines how the assets you and your spouse share will be divided if you divorce.
In Texas, you and your spouse can establish a postnuptial agreement if the terms are considered fair and enforceable. A court may review the agreement to determine if this is the case. If, for any reason, the court finds the agreement is skewed in one party’s favor over the other, you may have to modify it before it becomes binding.
Also, postnups must be signed. If you or your spouse verbally agree to one, the court is not likely to enforce the agreement if you divorce.
In addition, a postnup must be signed voluntarily, and each spouse must have full disclosure of its terms. If either spouse approves the agreement due to coercion or while under duress, the court may consider it invalid.
What’s the difference between a prenup and a postnup?
Two people sign a prenuptial agreement before they get married. The agreement defines the legal rights and responsibilities of each spouse if they get divorced. It can protect personal property and assets in the event that the marriage comes to an end.
Alternatively, a postnup comes after you are married. You can typically pursue this option at any time during a marriage.
Why do people get postnups?
At first glance, getting a postnup may seem like it will make a troubled marriage even worse. Yet, there are many reasons why couples explore postnups, such as:
You can protect your assets
With a postnup, you can safeguard certain assets you obtained during your marriage. For example, you receive an inheritance after you are married. A postnuptial agreement may allow you to keep this inheritance separate from the rest of your assets in the event of a divorce.
You can guard against debt
There are times when people enter into marriage unaware of their partner’s debt. If your spouse has or accrues substantial debt, you may also be held accountable for it. A postnup may protect you against your spouse’s debt, although this can become tricky because third-party creditors may still be able to come after community property. Your attorney can discuss whether there are ways to protect certain property and assets.
You can safeguard your business
If you start a business after you get married, the assets associated with it become shared marital property. By signing a postnup, you may avoid having to turn over business assets to your partner after a divorce. This approach may be particularly helpful if you have business partners who want to protect against financial complications related to each others’ personal lives.
You can get ready for a divorce
Sadly, you and your spouse have done everything within your power to make your marriage work but cannot find common ground. At this point, you may be considering a divorce. If you and your spouse are willing to agree to a postnup, the agreement could make it easier for both of you to move through the divorce process. It may help you avoid roadblocks that can otherwise delay this process and cause lingering resentment between both parties.
Postnuptial agreements are a useful tool for resolving many conflicts that could plague a marriage for years. Still, there is a lot to think about relative to postnups. If you are considering this option, discuss it with your spouse. It could be beneficial for you both to consult with a lawyer who can tell you more about postnups and help you craft the agreement if you choose to proceed.
Factors to consider before you get a postnup
There is no need to make a rash decision regarding a postnuptial agreement. A postnuptial agreement lawyer can discuss this agreement in detail. They can evaluate factors such as:
Your finances
You may have more assets than your partner. A postnup could help you avoid having to give up a significant portion of your assets in a divorce.
On the other hand, you may have substantial debt. If you agree to a postnup, you may have to take full responsibility for what you owe. However, in a situation where debt has become a source of conflict in the marriage, agreeing to take responsibility could help resolve some of those issues.
Your retirement
A postnup can be beneficial if you are worried about what will happen with your retirement assets if you get divorced. The agreement lets you say who will receive these assets following a divorce – although the division will need to meet certain federal requirements related to fairness.
Your business
Through a postnup, you have the opportunity to secure your business assets if you go through a divorce.
Postnups should not be taken lightly. Ask a postnup lawyer your questions so that you can make informed decisions regarding these agreements.
Should you and your spouse get a postnup?
Have a conversation with your spouse about a postnup before you start the process of getting one. Ultimately, you and your spouse may be able to address any issues between the two of you. If not, and if you both feel a postnuptial agreement could be beneficial, request a consultation with a postnup lawyer.
Keep in mind that a postnuptial agreement will not impact child custody or child support. With these issues, the court considers a child’s best interests and other factors.
Establish realistic expectations with a postnup. The agreement is not guaranteed to save your marriage or cause it to fall apart. What you do with your marriage is up to you. If you want legal help with creating a postnup or modifying an existing one, a postnuptial agreement attorney is available to assist you in any way they can.
Get legal help with a postnuptial agreement
If you and your spouse are concerned about your marriage and the assets you share, it may be a good idea to speak to a postnuptial lawyer. This allows you and your spouse to address the financial issues that could be keeping both of you from enjoying your relationship.
Grable Grimshaw PLLC is a San Antonio law firm that handles a wide range of family and civil matters. Trust our legal team to assist you with your postnuptial agreement. For more information or to schedule a consultation, contact us today.