Some Texas residents have avoided talking about a prenuptial agreement at the time they got married because they did not want to add more stress to an already stressful situation. Others may have had the difficult discussion, but due to a change in circumstances they want to change their prenuptial agreement. What do these couples, either wanting to engage in agreement modification or creation, do in Texas?
First of all, if the parties entered into a premarital agreement, the Texas Family Code allows for the agreement to be modified or revoked only if both parties agree, in writing, to do so. Once that is completed, then the revocation or amendment will become enforceable without consideration.
Secondly, even if the parties did not enter into an agreement before they were married they can still create an agreement through a post-marital agreement. Third, spouses may agree to partition or exchange any or all property between them. This means that property transferred to the other spouse through partition or exchange becomes that spouse's separate property. This agreement can also provide for future earnings, and income generated from the transferred property also become separate property. Therefore, spouses can transfer their separate property to one another at any point after the marriage as long as the agreement is in writing and is signed by both parties.
There are certain legal formalities that must be met in order for these agreements to be enforceable, the most important being that they must be voluntary and entered into after spouses disclose their financial situation to one another. Though these discussions are difficult to have at any point during a marriage, they can help couples avoid many divorce legal issues and disputes, as they allow spouses to protect assets and properties important to them.