One of the more challenging parts of any divorce that divorce attorneys must guide their clients through is the division of marital property, a process that can sometimes become highly contentious.
To avoid the confusion and fighting that can result during this stage especially in a community property state like Texas, many divorce lawyers recommend using marital property agreements to designate property ownership beforehand.
Then if a couple decides to divorce, they can simply abide by the rules they have already laid out with a divorce law firm pertaining to who gets what in the division of their marital property.
What Are Marital Property Agreements?
Marital property agreements are agreements made between spouses with the help of divorce attorneys that identify property within the marriage and who is to retain ownership of it in the event of a divorce.
While similar in nature to prenuptial agreements, marital property agreements are somewhat different as well.
Prenuptial agreements are a type of property agreement created with the help of divorce lawyers that identifies separate property before entering the marriage, while marital property agreements mainly address property gained during the marriage.
Changes Can Be Made While Married
According to divorce attorneys, what makes marital property agreements so useful is that they allow spouses to change the character of separate or community property during their marriage as long as they are both in agreement.
Spouses can agree with the help of a divorce law firm that someone’s separate property should be treated as community property or that certain community property should be considered separate property owned by one spouse alone.
It is essentially a way that allows spouses to dictate the disposition of their property in the event of a divorce, but while they are on favorable terms and able to agree on those matters with clear thought.
Must Be Properly Signed and Documented
The most important thing that spouses should know about marital property agreements is that they are only enforceable when properly documented and signed according to the Texas Family Code per experienced divorce lawyers.
Spouses who wish to change the status of any of their separate or community property during their marriage should contact a divorce law firm experienced with such agreements and their proper documentation.
Unless marital property agreements are filled out specifically as required by law, the Family court cannot honor them, meaning any referred property would then be subject to the usual community property laws.
In Summary
Whether a couple already has a prenuptial agreement or not with the help of a divorce law firm, a marital property agreement can also be useful for designating the distribution of community property in the event that they divorce.
This agreement, when crafted with the assistance of their divorce attorney, gives couples more control over what happens to their assets even if their marriage does not last.
Contact an experienced divorce lawyer for more information on marital property agreements and the important considerations to make when creating one.