Before getting married, many couples in Texas may have felt that dissolving their future marriage would not even be an option for them. However, after tying the knot, some may start to realize that divorce is not an impossibility. The question is, how can they protect their financial best interests once they are already married if they end up divorcing? Fortunately, this is possible with a contract known as a postnuptial agreement.
Postnuptial agreements, also known as postnups, are contracts in which married couples can spell out how they plan to split their assets if they divorce down the road. Having this kind of contract in place is particularly useful if a person creates wealth over the course of the marriage due, for instance, to writing a bestselling book or coming up with the latest tech gadget. A postnup can address how much of the wealth he or she will keep versus sharing with the other party if they end up divorcing in the future.
To create a valid postnup, both spouses must be fully transparent about their financial situations. If they are not, the courts will likely not enforce the postnuptial agreement. Also, although many people believe that only rich and famous people need these marital contracts, the reality is that couples of all income levels could benefit from them.
The idea of putting together a postnuptial agreement can seem overwhelming. This is particularly true for couples with significant assets, such as real estate or successful businesses. Fortunately, a family law attorney in Texas can help a married individual to develop a contract designed to fully align with his or her wishes in the event of a divorce.