Jackson Walker attorneys work with individuals, couples, and families to determine what agreements, if any, will best support a couple’s objectives while ensuring a fair and equitable distribution of assets and liabilities should the relationship be dissolved by death or by a parting of the ways. As one of only nine community property states, the classification of property in Texas as separate or community and the preparation for future property ownership are key considerations in wealth planning. Because classification of property in Texas without an agreement is determined primarily by when it is acquired – either before or after the marriage – property agreements give couples a potentially better alternative to that method of classification. A property agreement provides an opportunity for deciding together each individual’s rights and obligations during marriage and in the event of death, disability, or divorce.
Our Wealth Planning attorneys work with our clients to draft documents that provide for the preferred categorization and treatment of property within the confines of the law. Premarital, marital, and cohabitation property planning is especially vital for blended families with children from prior relationships. This type of planning is also important for any marriage in which there are substantial assets that were acquired before marriage or in which assets are expected to be acquired during marriage from gift or inheritance. The divorce laws of the state in which the couple divorces may not provide for or support the distribution of assets in the manner the spouses prefer or think is fair. The agreements we prepare for our clients provide for the appropriate distribution and control of assets and can also be used to protect assets for children from prior relationships, enhance the viability of a family-owned business, and ensure each partner is protected from the debts of the other.