Couples considering entering a prenup or postnup in Texas will need to understand the legislation behind these types of agreements. The Uniform Premarital and Marital Agreements Act, which has been signed by 26 states, offers consistency in the ways prenup and postnups are drafted and how states can treat the agreements.
What is The Uniform Premarital and Marital Agreements Act?
This prenup and postnup act establishes that both parties, whether before or after marriage, are allowed to enter freely into an agreement that sets financial terms for the couple. It also provides states with the right to review if the agreement meets the minimum established state requirements and if it was fair and balanced when it was signed. Finally, it provides some financial protection and security of the legality of the agreement for the parties who enter into it.
What can parties include in their agreement?
When parties are entering into this type of agreement, they can address most financial terms of their relationship. Some of the issues they can include in their agreement include:
- Division of property
- Spousal support
- Child custody and support
- Estate planning
- Financial consequences due to behavior, such as adultery
How does the act protect you?
The act ensures that neither party will fall into financial disadvantage, such as becoming dependent on public assistance from the state due to the enforcement of the prenup or postnup. It also allows the parties to choose under which state they want to sign and enforce the agreement, as long as the state is one in which either party lives, plans to live or where they are married, as long as these states have signed the act.
The requirements in each state might differ in the way they review prenups and postnups. However, entering into the agreement in a state that has signed the act provides some consistency towards the resolutions to any issues related to the agreement.