Can I Protect My Estate from My Spouse's Creditors?
If your career or business is successfully underway and you're thinking about getting married for the first time or getting remarried, one of your primary concerns may be whether you can take steps to protect the estate you've accumulated or plan to accumulate during the marriage from your prospective spouse's creditors. Despite Texas's community property rules, it is possible to insulate your assets to a certain extent by planning ahead.
A marital agreement is one option
A couple planning to marry in Texas and even an already married couple can, by agreement, alter the rules of how marital property is characterized and managed, thereby keeping assets out of reach of each other's creditors. If the agreement is entered into in contemplation of marriage, it is a prenuptial or premarital agreement. If the agreement is entered into during a marriage, it is called a post-nuptial agreement.
But what if you don't want to discuss the issue with your prospective spouse, or he or she refuses to sign an agreement after you've said your vows?
Make a list of your assets
There are certain unilateral steps you can take to legally protect your estate. Property transfers must be undertaken carefully with sound legal advice to avoid running afoul of any prohibitions against fraudulent transfers. The first step is a complete inventory of your assets and prospective assets to determine which ones are naturally excepted from community property and which ones need to be protected.
An experienced Bryan, Texas estate planning attorney at the Peterson Law Group can review your circumstances are develop a strategy to meet your estate preservation goals. Contact us today at 979-703-7014 to schedule a consultation.