The role of a postnuptial agreement in divorce
When people in Texas marry, they likely do so with the intention that the marriage will last forever. Even with this intent in mind, it is often prudent to plan ahead and consider who will carry the burden of certain debts and how certain assets will be divided if a divorce occurs. One tool that many couples use is a postnuptial agreement.
While most people are familiar with a prenuptial agreement, they may be less familiar with a postnuptial agreement. Similar to a prenup in many ways, a postnuptial agreement is signed after a marriage has occurred. To be upheld, assets and liabilities must be disclosed, and the agreement must not be deemed unconscionable by the court.
There are several reasons why a married couple might turn to such a tool. In some cases, it may be a matter of updating an existing prenuptial agreement. They can also aid in maintaining family harmony by ensuring that a family asset such as a business remains in the family. For example, parents might ask a child who is set to inherit a family business to seek a postnuptial agreement to ensure that the business remains intact if his or her marriage fails. They are often sometimes utilized to record a prenuptial agreement that was never put in writing.
Some would argue that postnuptial agreements are scrutinized much more closely by the courts in the event of a divorce. However, an attorney with family law experience can help a person in Texas create a document that is both fair and enforceable. In fact, both members of the couple need to have representation as they create and agree to such a contract.
Source: msbusiness.com, “WE LAW – Postnuptial agreements: Do you need one?“, Susan Steffey, April 21, 2016