Texas readers may find it interesting that financial disputes are reported to be the cause of 22 percent of divorces nationwide. This may underscore the importance of a prenuptial agreement that gives a couple the opportunity to discuss their financial concerns and demons before the big day. If both parties are open and honest, they can set immediate financial goals, and with continued communication, they can adjust future goals to accommodate changed circumstances that occur in any marriage.
It is not uncommon for couples to find financial discussions before the marriage uncomfortable, but full disclosure of investments, debts, income sources, loans and other obligations of each party is essential. This is not the time to be secretive. Despite the restrictions budgeting can impose on spouses, it remains an effective way to control spending in a marriage. Couples may want to include a specific allowance for each spouse to spend as he or she wishes, allowing some level of freedom.
The mindset of each spouse concerning money must be understood. The way in which money matters are handled by parents may have a significant influence on each spouse’s mindset. Clashes of money temperaments are sources of many financial disputes, but compromises may prevent that. By addressing all financial demons and recording how money will be managed during the marriage in a prenuptial agreement may set the mind of each party at ease.
Texas residents who are planning to get married may find comfort knowing that there are experienced attorneys who focus on guiding and supporting those interested in drafting and executing a prenuptial agreement. Each party typically retains separate counsel to ensure the fairness and legality of the contract. Properly handled, a prenup can provide an important backdrop to the financial aspects of a marriage and a safety valve in those circumstances where a divorce occurs.
Source: Forbes, “10 Ways To Prevent Money From Ruining Your Marriage“, Jennifer Ryan Woods, July 6, 2015