Often times I meet clients who are about to get married who have a high net worth estate, children from prior marriages, partnership or business agreements, or other reasons they believe necessitates entering into a Premarital Agreement that defines their respective ownership interest and/or obligations. In Texas, parties may contract with one another to alter the law with respect to the rights and obligations of each party and to any property either or both of them may own.
They may contract with respect to the right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of or otherwise manage and control property. They may also alter, by contract, the manner that property may be disposed of on separation, marriage, death, or on the occurrence or non occurrence of any other event. They may also modify or eliminate spousal support; agree on spousal support; the making of a Will, Trust or other arrangement; the choice of law governing the construction/interpretation of the agreement; and almost any other matter that they deem important in their lives.
In recent years, Texas courts have upheld the enforcement of marital agreements. There are very few exceptions where a party can void the effects of a marital agreement he/she previously entered into. However, it is preferable for enforcement purposes that each party to an agreement have their own independent attorney.
Also, after marriage, I have encountered clients who wish to have a formal agreement concerning their community property, separate property, the income from their community property and the income from their separate property. Parties may contractually agree to change existing Texas law and to alter the character of income from property. Also, it is possible to convert community property to separate property or separate property to community. In the past couple of decades, Texas courts have consistently upheld the enforcement of such post-marital agreements, invalidating them only under a few limited circumstances.
If you are contemplating entering into either type agreement, either pre or post marriage, contact The Law Offices of Michael P. Von Blon.