One of the biggest concerns that most individuals have about getting married is fearing what will happen to their property if they end up divorced later.
An increasing number of engaged couples are using prenuptial agreements, in part, to give them the confidence that they won’t lose everything that they’ve worked hard to get in life should their marriage end.
What’s the difference between separate and marital property?
Any assets that a spouse brings into their marriage generally qualify as separate property, while anything earned or acquired after their marriage begins is shared with their spouse.
Any inheritance or gifts and a significant portion of personal injury settlements a spouse acquires once married may also qualify as separate property.
How property gets split up if you divorce in Texas
There are two different types of doctrines to which states subscribe in dividing up property in a divorce. Most are equitable distribution states or ones in which a judge splits up a divorcing couple’s assets fairly between the two of them. There are then nine others, including Texas, that are community property states. In these jurisdictions, judges tend to split up a couple’s assets 50/50 when they divorce.
How prenuptial or postnuptial agreements can protect your assets
There’s been an uptick in the number of prospective spouses drafting prenuptial and postnuptial agreements in recent years. They’ve used these legally-binding documents to clarify what property that they brought into their marriage and highlight their liabilities or debts in a divorce.
One of the perhaps best things you can do if you’re planning to get married here in Texas is to consider a prenuptial agreement. An attorney can explain the difference between separate and marital assets to you. They can also help you craft an effective premarital agreement. You’ll feel better walking down the aisle, knowing that you protected your interests.