Premarital Agreements in Texas
A premarital agreement, or prenuptial agreement, is a written agreement signed by a prospective married couple prior to getting married. The purpose of the agreement is to govern the terms of a breakup in the event the marriage fails.
Texas law addresses premarital and marital agreements in Subchapter A of Chapter 4, of the Texas Family Code. The common perception is premarital agreements are only used by wealthy people to protect themselves in the event the marriage goes south.
The fact is, premarital agreements are not only for the wealthy. If you are a business owner or have assets from a prior marriage or inheritance that you want to protect for existing children or for other reasons, a premarital agreement may be right for you. Some factors to consider addressing in your premarital agreement include:
- Division of assets
- Division of debt
- Trusts and Inheritances
- Distribution of death benefits
- Spousal Support/Alimony
As we've discussed before, an alternative to a premarital agreement may be establishing a trust. Depending on your circumstances, a trust may accomplish the same goal of protecting assets as a premarital agreement. If the reason you are interested in a prenuptial agreement is to protect assets, a foreign or domestic asset protection trust may serve the same purpose and is a whole lot easier to accomplish from a relationship perspective.
Let the attorneys at Peterson Law Group review your situation and discuss which options are best for you. At Peterson Law Group, we have significant experience in family law, estate planning, and business law issues, and can use our experience to help you achieve the best outcome possible. To schedule a consultation with a College Station prenuptial agreement attorney, call us today at 979-703-7014.