• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Kalish Law Texas

Divorce, Probate, Business Law- The Woodlands Kalish Law

(281) 363-3700
(281) 363-3700
  • Practice Areas
    • Family Law
    • Divorce
    • Divorcio
    • Adoption: International and Domestic
    • Collaborative Divorce
    • Wills, Estate Planning and Probate Law
    • Business Law
    • Legal Services for Health Care Professionals
    • Real Estate Law
    • Criminal Law
  • Mediation
  • Our Team
    • Bob Kalish
    • Sio Ramirez Pitre
    • Laura Kalish
    • Samantha Malfitano
  • Legal Blog
  • Contact Us
You are here: Home / Legal Blog / Separating Your Marital Debts and Assets by an Agreement With Your Spouse

Separating Your Marital Debts and Assets by an Agreement With Your Spouse

January 19, 2011 By Kalish Law Office

 What if you should have gotten a Premarital Agreement but didn’t do it prior to marriage?

 

Don’t despair, there are specific legal documents which can be drafted and executed that will divide a married couple’s assets and debts into “his” and “hers”.

 

These legal agreements may be called “Postmarital Agreements”, “Postnuptial Agreements”, “Partitioning Agreements”, or “Partition and Exchange Agreements” (I will refer to them as “Partitioning Agreements from this point on).

 

The partitioning agreement is used for the same basic reasons as the Premarital Agreement 1) To keep assets separate; 2) To protect one spouse from the other spouse’s separate debt 3) To account for a imbalance in assets between the spouses; and 4) For psychological or emotional reasons when it is better for each spouse to have his or her “own” property, rather than co-mingling it in one marital “pot”.

 

IMPORTANT** A Partitioning Agreement can not be used as a legal maneuver to defraud creditors.

However, it is legal to use one in order to protect a spouse from separate debts owed by the other spouse. The separate debt may have already existed at the time the marriage was entered into. In other cases, the debt may not even exist yet. (For instance, only one spouse is embarking upon a financial venture and agrees to use or risk his/her own assets only).

 

In any event, the creditors will have full knowledge and disclosure.  It is possible to take certain steps in giving legal notice to potential creditors and may be advisable to file Partitioning Agreements in county records (although care must be taken with personal identifying and financial information since such filings are public record).

 

The legal requirements for these agreements are very specific and the consequences of signing such documents are many; this will affect current and future finances, income taxes, affect the couple’s estate plan, and be important in the event of a divorce so it is essential that an attorney who is knowledgeable in these areas be employed to draft and complete the documents.

“Passionate, Professional and Personal. We Make the Difference.” Kalish Law Office has been serving businesses and families since 1984.

Se habla español

Filed Under: Legal Blog Tagged With: Conroe Family law attorneys, consumer law, creditor protection, debtor creditor law, divorce and my spouse's debts, family law attorney, marital property agreement, Montgomery County Family Court, Partition and Exchange Agreement, Partitioning Agreement, Postmarital Agreement, Postnuptial agreement, spouse debts, Spring Texas, Texas community property, The Woodlands divorce lawyer, The Woodlands Texas Family law attorney, The Woodlands Texas Law Blog

Primary Sidebar

Kalish Law Office

3 Grogan’s Park Dr., Ste. 200
The Woodlands, TX 77380

Contact Us (281) 363-3700

  • This field is for validation purposes and should be left unchanged.

From the Blog

Is it Time to Form a Business Entity for your Small Business?

Forming an entity can have many benefits for a small business owner. Separating and Protecting personal assets is the one most commonly mentioned. However there are other benefits as well. Having a … [Read More...]

Footer

Kalish Law Texas

3 Grogan's Park Dr.
Ste. 200
The Woodlands, Texas 77380
Phone: 281-363-3700

Se habla español

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
Kalish Law Office
Kalish Law Office
5.0
Based on 1 reviews
powered by Google
Steve Horn
Steve Horn
15:10 05 Aug 19
Bob Kalish and his team worked hard to help me with my issues.
See All Reviews

pay your bill through LawPay

Serving Clients in the Following Areas:
The Woodlands, Spring, Conroe, Houston, Montgomery County, Harris County, Walker County and surrounding areas

The contents of this website does not imply legal advice or counsel and does not establish an attorney/client relationship.
Please contact us for information on our policies regarding any relationship with clients, potential clients, or non-clients of our firm.

Copyright © 2021 - All Rights Reserved

· · ·

Web Design by The Crouch Group

  • Practice Areas
    ▼
    • Family Law
    • Divorce
    • Divorcio
    • Adoption: International and Domestic
    • Collaborative Divorce
    • Wills, Estate Planning and Probate Law
    • Business Law
    • Legal Services for Health Care Professionals
    • Real Estate Law
    • Criminal Law
  • Mediation
  • Our Team
    ▼
    • Bob Kalish
    • Sio Ramirez Pitre
    • Laura Kalish
    • Samantha Malfitano
  • Legal Blog
  • Contact Us