People who are wealthy or entering into a high net worth marriages can benefit from marital agreements. In Texas, premarital agreements, prenuptials or “prenups” are the most well-known and accepted marital agreements. Premarital agreements are created to determine who keeps what and can also be used to set boundaries around many other specific agreements in a marriage.
Premarital agreements can set up boundaries regarding wills and trusts, dividing retirement and employee benefits and control of property during the marriage and penalties for adultery. A premarital agreement must be in writing and signed by both parties.
Some couples also take the option to have a post-marital agreement that can protect one spouse’s assets from the other person’s debts. It can also protect assets from the risk associated with a spouse’s business venture.
Considering that about half of marriages in Texas end up in divorce, it’s a wise step to have some form of marital agreement in place to protect both persons in a marriage. Our family law attorneys can assess your situation and determine if a marital agreement would be appropriate for your unique situation. Call us today at 972-200-3756 to schedule a free consultation.
Texas Cohabitation Agreement
Common law marriages are recognized in the State of Texas. If you are living or have lived with your partner for a certain number of years, they may be entitled to part of your property or assets.
Some couples choose to live together but want to avoid a common law marriage. A cohabitation agreement will disavow a common marriage and will clarify any financial arrangements or commitments. It can also prevent financial turmoil on top of the emotional difficulty after a breakup.
In Texas, a cohabitation agreement needs to state that both parties agree that they are not married and that it has been entered into voluntarily. A cohabitation agreement can offer asset protection for the partner that has significantly higher net worth or annual earnings than the other. Without a cohabitation agreement, couples that live together in the Plano, Texas could risk that their relationship be considered a common law marriage. Should this happen, the wealthier partner could lose considerable assets.
Similar to premarital agreements, cohabitation agreements can cover couples who want to protect assets, avoid costly litigation and clarify other wishes upfront. This is especially important for the party who has a greater income or has entered the relationship with pre-existing wealth.
Our Plano family law attorneys can help write a cohabitation agreement that will reduce your risk of loss of assets and will be upheld in the Texas courts.
Cohabitation Agreement Benefits
A cohabitation agreement in Plano, Texas agreement disavows a common law marriage and may also list certain expectations. Among them are a monthly expense budget, scheduled time commitments and clarification of financial arrangements during the relationship.
Having your own separate family law attorney represent you is the best way to ensure that you protect your rights and that the agreement is ruled as fair to both persons in the relationship and more likely to hold up in court. Contact us today to represent you and protect your property and assets.
Texas Cohabitation Agreements for Same-Sex Couples
Texas only recognizes a marriage as being between a man and a woman. Same-sex couples do have the option to enter into cohabitation agreements in Texas. Like a prenuptial agreement, cohabitation agreements outline the division of property if the couple decides to separate Couples who choose to live together, or who have valuable assets or property, should learn more about the process of cohabitation agreements. We can explain how cohabitation agreements work and the steps necessary to help ensure the cohabitation agreement is enforceable in Plano, Texas.
Call us with your questions about premarital agreement laws at 972-200-3756. We have helped clients in Denton County, City of Allen, Highland Village, McKinney, Argyle and Frisco. We look forward to providing you with expert legal advice regarding a premarital or cohabitation agreement.