Divorce is a difficult prospect for Texans. For people with significant assets, a divorce can be even more difficult as there is bound to be acrimony and a seemingly endless series of disputes regarding property. Many couples will try to mitigate this with a premarital agreement. Even if there is such an agreement, it does not necessarily mean that it will be enforced.
In the premarital agreement, the parties can detail how properties will be addressed if they divorce. The right to sell, purchase, dispose of, exchange and essentially do anything else with a piece of property can be determined via the premarital agreement. If the couple separates, gets divorced, one of the spouses dies or other event occur, there can be requirements listed in the premarital agreement.
Spousal support, including its potential modification or termination, may be included within the provisions of the document. Premarital agreements frequently address estate planning and delineate its execution. These agreements can explicitly designate the legal principles guiding their formulation. Additionally, any permissible subject not contrary to the law can find inclusion in the premarital agreement. Matters pertaining to child support cannot be governed by such agreements.
There are circumstances in which a spouse contends that the agreement was signed involuntarily, potentially leading to its nullification. If it is determined that the agreement was unfair (unconscionable) at the time of signing, and the signatory was not provided with complete information regarding the ramifications of signing, did not waive the right to such information, or lacked sufficient awareness of the other party’s circumstances, the agreement could be invalidated. The court will make the determination regarding the fairness of the premarital agreement.
The idea behind having a premarital agreement is for the person with the greater amount of assets to be protected from losing a substantial portion of it if there is a divorce. The party who entered the marriage without a similar amount of assets will generally know what he or she will receive if the marriage fails. When there is a high asset divorce it is always a good idea to have legal representation. The attorneys at The Love DuCote Law Firm LLC are well equipped to help with your high asset divorce. Contact us today!