What is a marital property agreement?

A marital property agreement is a legally-binding contract that outlines how assets, debts, and other assets will be divided between two spouses in the event of a divorce. In Texas, couples can enter into a marital property agreement before or during marriage. This agreement helps the couple determine how their assets are divided if they ever decide to separate or end their marriage. A marital property agreement may include a list of assets that each spouse owns, including real estate, bank accounts, investments, and other property, as well as how much each spouse has contributed to them. The agreement can also include how debts are to be managed, what type of alimony payments are to be made, and how future assets are to be divided. When a couple divorces, the marital property agreement lays out the terms of the divorce and helps the court determine what is fair and equitable for both spouses. The agreement must be signed by both parties and approved by a court in order for it to be legally binding. If, at a later date, the couple wishes to alter the agreement, they must petition the court and submit a new agreement. Marital property agreements ensure that a couple’s assets are divided equitably and that their rights are protected. A marital property agreement can be a helpful tool for couples to avoid lengthy and costly court battles if their marriage ends.

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