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Preparing for potential divorce issues

Wednesday, April 26, 2017

It is not easy to talk about divorce, especially in the context of an otherwise-happy marriage. However, Texas residents are well aware that divorce is an everyday reality for many couples across America. Some experts suggest that thinking about and planning for divorce issues, even if spouses are happy together, is a good forward-thinking step to take. 

Having a full understanding of both spouses' finances is not just good planning for a potential divorce. It can also help curb some of the arguments that may actually lead to divorce. Assets and debts accrued during the course of a marriage will play a role in any divorce settlement. Being aware of financial realities is a good first step toward being prepared. 

For some couples considering marriage, especially those with higher degrees of personal wealth, it can be a good idea to discuss prenuptial agreements. Those who are already married may benefit by considering a postnuptial agreement, which is similar to a prenup but is mutually agreed-upon and notarized during the course of the marriage, rather than beforehand. Obviously this route is not for everyone, but it is a good idea to consider all the options for maximum insurance moving forward. 

It might seem fatalistic to think about divorce issues in the midst of a positive and fulfilling marriage. However, some Texas residents have learned the hard way that being unprepared for a marital separation and all that comes with it can lead to disastrous consequences. The more knowledgeable both spouses are about their rights and responsibilities, the more likely it becomes that any future divorce settlement will be mutually beneficial. 

Source: examiner.com, "Divorce insurance tips for the happily married", Patricia Barrett, Nov. 30, 2015

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