A contract of succession has the same purpose as a marriage contract, but it is signed after the marriage and not beforehand. According to Investopedia, there are a number of reasons why couples may choose to sign a post-paper, including: it is often difficult to decide whether income should be mixed between them. Some couples consider joint bank accounts to be the natural thing to do after marriage. Others may consider it necessary to maintain separate bank accounts for a variety of reasons. It can be a spouse with children from a previous marriage and commitments or couples who have only totally opposite means of managing finances. People who marry later in life may wish to keep control of the assets they accumulate. Since marriage contracts are legally binding, a couple might want to hire a lawyer (together or as an individual) to establish their contract. Each state has its own prenup laws, so the exact details within the agreement may vary depending on the restrictions of the state`s law. Ultimately, keeping funds in a separate account during marriage does not guarantee that these assets will remain in the account holder`s name after divorce, so married couples should soon consider other ways to protect their property.
Entering into a pre-marital agreement is probably the best way for both parties to protect their property from division in the event of marriage failure. However, any person who does not enter into a marriage contract may nevertheless take measures to protect his property by concluding, after the marriage, a post-marital contract in which both parties claim certain property. Finally, couples who do not wish to take any of these paths are encouraged to take stock of their assets before marriage by storing copies of all financial statements that can play a decisive role in determining the assets and liabilities brought into the marriage if the marriage fails. Money-related disputes are considered one of the main sources of conflict in marriages. More and more Texas couples are recognizing the benefits of marriage contracts. With the help of an experienced family law attorney — and even a mediator — any Texas couple contemplating marriage can craft a marriage contract that protects the interests of both parties. While this isn`t necessarily necessary and is more of an extra protection, I normally advise my clients to open new accounts.