Thanks to their “iron-clad” prenup, the answer is no, and the main property that will be split between the two is their marital home. This will relieve much of the stress involved in their divorce and will allow them both to spend their time and energy figuring out a co-parenting plan for their children.
A recent poll found that the use of prenups has gone up 5 times since 2010.
This could be due to the stress involved in untangling assets when getting divorced. Prenups help simplify an already stressful situation and allow couples to make decisions about their finances and assets while they are still very much in love and fond of each other, as opposed to at the end of a bitter divorce.
What is a prenup and how can you get one in Texas?
A prenup is an agreement between two people prior to marriage in anticipation of marriage usually concerning how they will divide their assets if the marriage ends. It can include each spouse’s right to use and transfer property during the marriage, rights and obligations regarding any property they acquire during the marriage, tax liability on any property, and what happens to any property in the event of divorce or death. You can also include other terms, such as how to divide property differently in the event that one spouse cheats.
In Texas, for a prenup to be enforceable, it must meet the following requirements.
- be in writing;
- be executed in contemplation of marriage;
- have signatures from both to-be-spouses;
- be voluntary;
- have terms that are not unconscionable; and
- have full disclosure of property and financial obligations of the parties (or the express waiver of disclosure).
If you need help drafting your prenup, contact the Law Offices of Amber Shemesh for a consultation.