The decision to marry requires planning. Even if it is small nuptials, the reality is that spouses need to consider what it means when they join lives as a married couple. For some, having little assets means there is not much to worry about, other than growing a joint account. However, for others, it means taking into consideration personal property they wish to remain separate from marital property.
Because divorce is a possible event for any married couple, it is important for married couples in Texas to consider how dissolution could affect property. In fact, considering a prenuptial or postnuptial agreement is often an important step as it essentially outlines what one considers separate property and marital property. It can make the property division process much easier as well.
In addition to entering a marital agreement, making it clear what property is not subject to division in the event of a divorce, it is vital to keep an accurate and complete record of property to help establish and evidence the separate nature of it. It is also important to keep this separate property, separate.
It is important to note that the increased value of nonmarital property may be considered marital property. Additionally, nonmarital property should always be used to purchase property one seeks to be considered non-marital property.
It is also important to not use nonmarital funds to pay off marital debt and not to open a joint bank account with nonmarital funds. One should also not assume that because certain property was owned before marriage that no portion of it would be deemed marital property. Finally, one should not assume a business owned before marriage will be considered nonmarital in the event of a divorce.
Weather one is about to get married, currently married or filing for divorce, it is important to understand how to protect property rights. This not only ensures one gets what they are entitled to in the event of a divorce, but also helps protect property.