What Are The Components That Make Up A Valid Premarital Agreement?
Texas Family Code Section 4.001 defines premarital agreement as follows: ” ‘premarital agreement’ means an agreement between prospective spouses made in contemplation of marriage and to be effective on marriage”. The agreement must be in writing and signed by both parties but unlike other contracts, consideration is not required to be enforceable.
How Much Financial Disclosure Is Required In A Premarital Agreement?
Texas law requires a fair and reasonable disclosure of property or financial obligations. If that is not provided, a premarital agreement may be attacked under the “unconscionable” prong of the enforcement section of the Texas Family Code. Typically, assets and liabilities should be itemized for the other party to the agreement.
Are Premarital Agreements Easy To Break?
If parties to a premarital agreement follow the law then premarital agreements are not easy to break. For premarital agreements executed on or after September 1, 1993, involuntary execution and unconscious ability are the only grounds for contesting enforcement of a premarital agreement. A provision in a premarital agreement that is a prohibited contractual term or adversely affects a child’s entitlement to child support may be attacked without the entire premarital agreement being voided.
Is A Premarital Agreement Enforceable In Another State?
It should be enforceable but that will depend in large part on the law of the state in which the divorce is filed.
What Are The Steps To Set Up A Premarital Agreement?
- Discuss premarital agreement with prospective spouse;
- Draft itemizations of assets and debts for both prospective spouses;
- Meet with family lawyer regarding issues and concerns for why you want a premarital agreement;
- After meeting with lawyer, determine which issues of concern can be in should be addressed in the premarital agreement and advise lawyer for drafting.
What Can And Should Be Clearly Addressed In A Premarital Agreement?
Prospective spouses who enter into a premarital agreement may agree to a range of issues as broad as their imaginations will allow. All prospective spouses can agree to a division of their respective household responsibilities, the payment of support, and living expenses, the sharing of child rearing responsibilities, the religious upbringing of the children, the procedures for conflict resolution, and the disposition of the property should the relationship end.
Texas Family Code Section 4.001 defines premarital agreement as follows: ” ‘premarital agreement’ means an agreement between prospective spouses made in contemplation of marriage and to be effective on marriage”.
The following constitutes a non exclusive list of what may be included:
- The rights and obligations of each of the parties in any of the property of either or both of them whenever and wherever acquired or located;
- The right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, or dispose of, or otherwise manage and control property;
- the disposition of property on separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event;
- the modification or elimination of spousal support;
- The making of a will, trust, or other arrangement to carry out the provisions of the agreement;
- The ownership rights in a disposition of the death benefit from a life insurance policy;
- The choice of law governing the construction of the agreement; and,
- any other matter, including their personal rights and obligations, not in violation of public policy or a statute imposing a criminal penalty.
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