A marital agreement is an agreement between you and your spouse that typically directs the division of marital property should you file for legal separation or dissolution of marriage. However, in the case of community property and nuptial agreements, these can also state what assets are community properties, in contrast to separate properties.
Jeffrey B. Bock can work with you, analyzing your current assets as both separate and potential community properties, and advise what type of marital agreements would best meet you and your spouse's needs.
What are Common Types of Marital Agreements?
- Prenuptial Agreements– A prenuptial agreement is a contract you enter into with your fiancé or partner before you get married. A prenuptial will list all the property each of you own, including any outstanding debts, and will specify what happens to those properties after the marriage. Most people assume this type of marital agreement is only for wealthy people; however, it helps to clarify financial rights, allows you to pass your separate properties to your children from prior marriages and can help avoid future arguments if you dissolve the marriage.
- Postnuptial Agreements– While a prenuptial agreement is before the wedding, a postnuptial agreement is after you marry. Here are some common issues that postnuptial agreements address: division of property and assets in the event of a divorce; spousal support payments; the division of marital debts, such as credit card debt, mortgage loans, etc.; asset provisions should you, or your spouse die while you are married. The latter can be significant if you, for example, inherit a large sum of money or real estate and want to keep that as your separate estate for your children from a previous marriage.
- Community Property Agreements– A community property agreement is beneficial for both married couples and registered domestic partners, allowing the surviving spouse or partner to avoid probate. However, it is essential to remember that if you sign a community property agreement, this could become an issue if you and your spouse ever legally separate or dissolve the marriage.
Contact Us to Learn More About Marital Agreements
Jeffrey B. Bock specializes in marital agreements and can meet with you to discuss your goals, helping to determine what type(s) of marital agreements meet your current and long-term needs. To learn more about marital agreements or schedule a consultation with Jeff, please call 281-962-8529 in Texas or 561-392-8788 in Florida or request an initial confidential consultation online.