Truly effective planning for your divorce requires thinking ahead, sometimes several years ahead.  

 

Texas is a community property State, which means that most property acquired during marriage belongs equally to both parties.  This is true regardless of the name in which the asset is held.  So, if a married person buys a house titled in her name alone, it is still community property.  Wages, contributions to retirement plans, vehicles, and jewelry acquired during marriage are also community property regardless of record title.  

 

The only exceptions to this rule are inherited property, and gifts.  Otherwise unless the property was obtained prior to the marriage it is community property.  

 

But there are ways to protect yourself from the community property rule.  

 

The strongest tool for protecting your assets in divorce is a pre-nuptial agreement.  With a valid prenuptial contract, you and your fiancee can address almost every property issue that may arise in case of a divorce.  This includes (among other things):

 

a.  how community and separate assets will be divided; 

b.  obligations for spousal support; 

c.   allocation of debt; 

d.  the division of life insurance and retirement benefits; 

e. whether assets acquired during marriage will be treated a separate or community property.   

 

Texas Courts strongly favor prenuptial agreements and unless it is proved illegal, a pre-nup will be enforced.  

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Another tool to be considered in planning for a divorce is a post-nuptial partition and exchange agreement.  

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This works like a pre-nup but is entered after the parties are already married.  The requirements are somewhat different from a pre-nup, though, so you are encouraged to consult an attorney before entering into a post-nuptial agreement.  

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Contact Hutson Law today for help.

 

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