What Is A Marital Property Agreement

If I were divorced, what would happen if I didn`t have a marital property contract? A score should not be equal. In addition, spouses may exchange their shares of collective assets for different assets in order to make one of the assets the separate property of one spouse and another asset a separate asset from the other spouse. When real estate is involved in any of these types of agreements, property status must be covered by the records of the county in which the property is located. If the debt is based on a contract (credit card, mortgage, university loan, etc.), the separate property of the spouse who is indebted and the collective wealth held on behalf of both spouses (for example. B a joint account) are responsible for the debt. A collective asset account held exclusively in the name of the other spouse is not liable for the debt. The circumstances of the marriage and the property of the parties determine what will be included in a marital property contract. However, the general assets included in a matrimonial real estate contract include: the agreement may provide that income from separate real estate remains separate rental properties. The agreement may regulate the property order in the event of separation, divorce or death. In addition, the contract may waive the housing allowance, personal wealth and family allowances to which a spouse may be entitled. In addition, a spousal property contract can help spouses and family members avoid controversy by clearly defining the character of the property in advance and delineating each spouse`s priorities before they become problems.

These types of agreements may receive pre-previous housing and other assets, set aside future income as separate property, provide for matrimonial assistance, eliminate food losses and avoid other financial claims, and assign the obligation to repay certain debts, including tax debts. Remember that Texas law only defines property. You have the right to change the rules by agreement and you also have the right to give your property to whom you want, including your spouse, during your lifetime, even if the property is your separate property. Marital property contracts can be used in the event of marriage dissolution to protect assets and establish support.