It is increasingly common for couples in and around Irving to request a prenup prior to the wedding. A divorce lawyer can work with the couple to develop the prenup agreement and customize it to their specific requests and needs. This premarital agreement can include specifics about the division of property, including how retirement savings accounts will be managed through the divorce.
However, couples may not be aware the prenup is the only possible way for a couple to determine and agree upon how they want specific issues handled should they divorce in the future. There is also the option for a postnup agreement, which helps to identify particular types of retirement accounts and property that should not be considered community property as defined by the Texas Family Code.
Separate Property
In most cases, property that is owned by one person before the marriage remains separate property in the event of a divorce. This separate property also includes property obtained through a personal injury settlement, a verdict, or a gift or inheritance, even if the couple was married at the time.
The confusion often becomes a problem for couples with regards to retirement accounts and contributions. Individuals often assume that if they were contributing to a retirement account prior to the marriage, it remains separate property. Any contributions made to that account, even if it existed before the marriage, are typically considered community property.
Protecting Your Retirement Accounts
A postnup agreement can be drawn up by your divorce lawyer to protect these types of assets. This is a contract entered into by the married couple to keep specific accounts, usually retirement accounts, separate property throughout the divorce. It also ensures that the parties are voluntarily entering into the agreement, which is critical for enforcement if a divorce should occur in the future.
It is essential to have a divorce lawyer create the contract or postnup agreement to ensure it is enforceable in Irving courts. There are several reasons why a do-it-yourself contract may be unenforceable, creating problems for the couple to ensure their divorce settlement is completed based on their wishes and agreed-upon terms.
At Orsinger, Nelson, Downing & Anderson, LLP, our team of divorce lawyers can help you to develop a postnup or prenup to protect your assets.
