When a couple decides to get married, they typically combine their lives in many ways. This includes sharing a home, opening joint bank accounts, and investing in property together. However, some couples may choose to keep some aspects of their lives separate, including their property. In Texas, couples can enter into a separate property agreement to keep their individual assets separate.
A separate property agreement is a legal document that allows spouses to categorize their property as separate or community property. Community property refers to assets that are acquired during the marriage, while separate property is assets that are owned prior to the marriage or acquired during the marriage through inheritance or gift.
In Texas, community property is divided equally in the event of a divorce. However, if a couple has a separate property agreement in place, their separate assets will remain separate and not be subject to division. This can be especially important for individuals with significant assets or family heirlooms they wish to protect.
To create a separate property agreement in Texas, both spouses must agree to the terms and sign the document. The agreement must also be notarized and filed with the court. It is important to note that a separate property agreement cannot be used to avoid paying child support or spousal maintenance.
If you are considering a separate property agreement, it is important to seek the advice of a family law attorney experienced in the laws of your state. They can help you understand your options and create an agreement that protects your assets and interests.
In conclusion, a separate property agreement can be a valuable tool for couples who wish to keep their individual assets separate. In Texas, this agreement can help protect assets from division in the event of a divorce. As always, it is important to seek the advice of an experienced attorney before entering into any legal agreement.