Today we are going to discuss some of the provisions in a Texas prenuptial agreement. A prenuptial agreement is an agreement you enter into prior to getting married dealing with property, spousal support and other financial issues.
Eliminating Community Property
One of the first issues that typically comes up in premarital agreements is whether or not you are going to have community property during the marriage. You can use a prenuptial agreement to eliminate future community property in a prenuptial agreement. This means that during the marriage you keep everything separate between the two spouses, so that there is no creation of the community property in the marriage. Each spouse only owns their own separate property during the marriage. This obviously makes it easier to divide property in the event of a divorce.
Temporary Spousal Support
Another issue that frequently comes up in prenuptial agreements is whether or not you are going to have alimony or temporary spousal support. You can provide for a certain amount of agreed temporary spousal in the event of divorce or you can eliminate alimony altogether by agreement.
Establishing a Household Account
Additionally, something that arises often in premarital agreements is whether you are going to have a household account. Are you going to set up a fund to pay for the mortgage and daily expenses that you incur during the marriage? And how are you going to fund that? How are you going to divide that account or who gets it upon a divorce?
You can also include an infidelity clause. If there is infidelity – if somebody cheats in the marriage – what is going to happen in that situation? Meaning that you have a greater share of money or property awarded to the “innocent spouse” if adultery is established.
Award of Marital Residence
You can also deal with what is going to happen to the marital residence upon a divorce. Who is going to live there during the divorce process, and how long does the other party get to stay in that house? Does the house eventually get sold on the open market or does the home get awarded to one of the spouses in the divorce?
In a prenuptial agreement, you are basically outlining what will happen upon a divorce. It may sound like you are starting a marriage with discussing what’s going to happen upon a divorce, but those things can give certainty. This can also reduce anxiety because the agreement ensures that everybody’s on the same page in the event of a divorce.
These are just some of the provisions that you can consider in a prenuptial agreement. If you’re looking to enter into a prenuptial agreement or you need one reviewed, feel free to reach out to The Larson Law Office. We can be reached at 713.221.9088.