Marital Agreements in Texas - Why are they Important?
Marital agreements are important for several reasons if you intend to marry or are married or intend to "retire" in the great State of Texas.
Clarifying Ownership of PropertyTexas is a community property state. There are 10 community property states in the 50 states. Community property indicates a property regime that considers that most couples accumulate assets during marriage 50 - 50. Although frequently that is true what happens if you inherit property during marriage? what about the house you bought prior to the marriage? what if your grandmother gives you interests in some oil and gas wells during marriage? These are exceptions to the creation of community property but cause great angst if there is a creditor issue, bankruptcy or divorce. Marital Agreements can be used to "clarify" ownership, and as a result, protect both spouses from the extravagant cost of a forensic accounting to "trace" the ownership of property.
Second MarriagesSuccessful and about to marry for the second time? If 50% of first marriages fail then partners entering second marriages may already have children, retirement accounts, homes or businesses they want to protect. As you already know divorce is not a fun process. A Premarital agreement (or a postmarital for that matter) can help put any of those ownership issues to rest.
Protecting your Spouse from CreditorsWhat better way to prove your love than to protect them from your student loans, potential creditors of your business or medical practice or other lawsuits? Marital agreements may be your first line of defense to protect your loved ones from these outside challenges.