PREMARITAL AGREEMENT

A premarital agreement is also known as a prenuptial agreement. It is a contract that is entered into by two parties who are planning to get married. Such agreements are enforced under the Uniform Pre-marital Agreement Act, which was drafted by the National Conference of Commissioners on Uniform State Law in 1983. Once this agreement is signed by both spouses, it becomes effective upon marriage. Such an agreement deals with matters related to what would happen between the couple in case of divorce or the death of one of the parties. These agreements also deal with property matters, including spousal support, etc. They are also concerned with issues related to the estate, such as the making of a will or the purchase of a life insurance policy. Premarital agreements deal with almost all the matters pertaining to spouses; however, it does not include child custody or child support issues. 

Property Division with and Without a Premarital Agreement in Texas

Unlike other states, Texas uses a community property system, according to which both spouses have joint ownership of all property that is acquired during their marriage. Thus, in case of a divorce, all the acquired assets get divided between the spouses. Contrary to this, the premarital agreement can make some specifications to the acquired assets so that they don’t get divided between the spouses if a divorce takes place between them. A partition agreement can be entered upon if the parties want to convert their community property into a separate property if the premarital agreement does not meet their requirements.