Postmarital Agreements/Partition Agreements
Post-marital agreements are similar to premarital (or prenuptial) agreements in their scope and purpose: both divide property, determine spousal support, rights to inherit, etc. Often, they are used to convert community property to separate property, and vice versa.
Post-marital Agreements - Partition and Exchange Agreements - Postnuptial Agreements
Post-marital agreements are entered into by a married couple – after they’ve been married for some length of time, but are not separated or divorced. Technically called “partition and exchange agreements” they can be used as part of estate planning, to efficiently transfer assets should one of the spouses die. They can also be used to simplify a divorce.
Streamlining the Divorce Process
Unless the post-marital agreement is found to be legally unconscionable by a Texas court, the contract will be respected under Texas law even if a spouse later finds the agreement to be unacceptable to them. A valid post-marital agreement can streamline a divorce proceeding, since the property issues will have already been decided by the contract.
With a post-marital agreement in hand, a divorce becomes a relatively simple matter for the divorcing parties, leaving the only real issue before the divorce court to be those involving child support and child custody issues (e.g., child support cannot be contractually around in Texas).
Need for Legal Counsel in Post-marital or Petition Agreements
Since these contracts can be held valid in a Texas court, it is extremely important that both husband and wife have separate, competent counsel protecting their interests in the drafting and execution of the post-marital agreement. This is important not only for the proper drafting of the document, but also to insure that there has been full disclosure of the assets and liabilities involved, as well as the ramifications of the agreement’s provisions.
If you and your fiancé are interested in a post-marital agreement or postnuptial agreement, then please feel free to contact the Law Office of Michael Granada for a paid, initial legal consultation. We’re here to help you.