According to the American Academy of Matrimonial Lawyers, there has been a marked increase in clients who are seeking assistance in drafting marital contracts. There are countless reasons why a couple would consider a prenuptial agreement, and the most common is usually to preserve assets in the event of a divorce. Texas residents who are contemplating these contracts may benefit from learning about mistakes to avoid.
Both prenups and postnups are intended to direct how assets are divided in a divorce. Without either of these documents in place, the state laws will dictate property division. However, it is helpful to keep in mind that postnuptial agreements are less likely to be enforced and are even not recognized in several states. While a prenup is more likely to be upheld, there are mistakes that could result in a court dismissing the terms of such contracts.
One of the most glaring mistakes is to create a contract that is grossly unfair to one party. Another error is to forgo independent representation for both parties. Likewise, both failing to declare all assets and neglecting to sign a waiver are points that can be challenged in court. Other problematic issues include trying to dictate behavior and roles as well as trying to settle matters such as custody or support for children.
There are other issues that can open a prenuptial agreement up for challenges. These could include failing to follow through on steps that can only be completed after the wedding or neglecting to consider changes in the future that could have a significant impact on the value of certain assets. Finally, the state of residence for each party at the time of the signing could impact whether a prenup will be upheld. Texas residents who believe that a prenup will provide peace of mind may choose to consult with an experienced attorney who can assist them in drafting a document that fits their specific needs.