How Long Does It Take To Draft A Premarital Agreement?
Expect the process of drafting a premarital agreement to take 2 to 3 weeks. However, if you’ve already done your research and know exactly what issues you want addressed in a premarital agreement and you’ve already drafted the assets and debts itemized lists for each prospective spouse, then you can shorten that length of time.
When Does The Premarital Agreement Become Enforceable?
A premarital agreement becomes effective upon marriage according to statute. That would make it enforceable upon marriage.
Can A Premarital Agreement Become Invalid For Any Reason?
Yes. If a marriage is determined to be void, an agreement that would otherwise have been a premarital agreement is enforceable only to the extent necessary to avoid an inequitable result. Further, a provision in a premarital agreement acting as a testamentary bequest must meet Probate code requirements to be enforceable. The agreement must contain testamentary intent and must be attested to by 2 or more credible witnesses above the age of 14 years, who shall subscribe their names thereto in their own handwriting in the presence of the testator. Further, provisions against public policy and those that defraud creditors in a premarital agreement are not enforceable. Additionally, a party to a premarital agreement may not adversely affect child support.
Is A Premarital Agreement Considered Invalid If Someone Commits Adultery?
What Are Some Of The Ramifications Of Not Having A Premarital Agreement?
If spouses have no premarital agreement, then upon her death, either a will applies as to the distribution of the property or the statutory Probate Code applies as to the distribution of property. Upon divorce, the family code applies with regard to the distribution of property. Therefore, having a premarital agreement will allow one to opt out of many of the provisions of the Probate Code and or the family code.
What Is A Post Nuptial Agreement?
What is commonly referred to as a post nuptial agreement is called a Marital Property Agreement, a Partition or Exchange Agreement, or an Agreement between Spouses Concerning Income or Property from Separate Property under Texas law. A property agreement/partition or exchange agreement allows spouses to exchange between themselves all or part of their community property then existing or to be acquired. Such property or property interest transferred to a spouse by such an agreement becomes that spouse’s separate property. The partition or exchange agreement may also provide that future earnings and income arising from the transferred property shall be the separate property of the owning spouse. Otherwise it is community property.
Additionally, the spouses may agree that the income or property arising from the separate property and as it is then owned by one of them, or that may thereafter be acquired, shall be the separate property of the owner.
Should Someone Be Cautious Of Signing Any Sort Of Marital Agreement?
A premarital agreement, a marital property agreement/ partition and exchange agreement, and an agreement between spouses concerning income or property from separate property agreement/conversion agreement, both affect a spouse’s property rights and thus one should always hire an attorney to give advice regarding the entering into any such document.
Should Both Parties Have Separate Attorneys In Drafting Either A Pre Or Post Nup Agreement?
It is not a statutory requirement but it is definitely recommended.
For more information on Drafting A Premarital Agreement, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (972) 746-2805 today.
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