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Don't want to share in a divorce? Consider a prenup

With many Texas residents marrying later in life or for a second (or third) time, they have more than likely accumulated their own assets and liabilities. Considering the fact that Texas is a community property state, they might want to take steps to keep their separate property in the event of a divorce and not end up paying the other party's bills. One way to do that is to execute a prenuptial agreement.

Each party can identify their separate property and debts that they would each retain in the event of a divorce. This could be of particular importance to Texas residents who have children from prior relationships. Without a prenuptial agreement, a current spouse could be entitled to a portion of assets set aside for those children in the event of death. An individual might also not want to end up using separate assets to pay the other party's debt.

For those who decide that a prenuptial agreement is a good idea, the agreement must comply with certain legal requirements in order to be valid in the event of a divorce. For example, try to avoid asking for a prenup immediately before the wedding date. The more time between the execution of the agreement and the wedding, the less likely the other party could claim duress or that he or she did not have sufficient time to review the agreement prior to the wedding.

In addition, both parties must have the time to consult with an attorney regarding the contents of the agreement. Each party also needs to provide the other with full financial disclosure, and the agreement must be fair and in accordance with public policy. Since the parties are attempting to avoid any unnecessary conflicts in the event of a divorce, particular attention needs to be paid to ensuring that the agreement will pass the scrutiny of the court if it is needed.

Source: FindLaw, "Can Prenuptial Agreements Help You?", May 28, 2017

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Vernier & Associates, PLLC Vernier & Associates, PLLC

Vernier & Associates, PLLC
2441 High Timbers Drive Suite 110
The Woodlands, TX 77380

Phone: 281-882-3271
Fax: 832-585-0955

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