A marital breakup can be a hard life situation to go through. The dissolution of a family unit is never easy and the emotional stress can take a severe toll on the separating parties. Divorce and separation can also bring on financial pain, especially for partners who are not used to or have never had the responsibility of handling the couple's finances. Texas couples who are planning to marry should consider protecting their current and future financial assets with a prenuptial agreement.
Although it may not be a pleasant thought, thinking of the financial ramifications that a possible future divorce could impose on each party is a necessity. A divorce can wreak havoc on finances and devastate a once well thought out and planned retirement. Having a prenuptial agreement in place can help to clearly state what each party will leave the marriage with in regard to retirement funds.
The financial ramifications of a marital dissolution can divide all those hard-earned and saved funds for retirement right down the middle; regardless of who placed the majority of the money in the account. Also, the date that one may have planned on finally hanging up the working hat for a fishing pole may have to be pushed back quite a bit. Having a prenuptial agreement in place with specific percentages as to who gets what amount can help to protect retirement savings and keep that date circled on the calendar.
Savings for retirement takes a working lifetime to build. An experienced Texas attorney can help to ensure that one's future is protected by assisting in the drafting and execution of a prenuptial agreement. If no marital agreement exists when a married couple decides to divorce, a family law attorney can provide guidance in negotiating a comprehensive settlement.
Source: fool.com, "Can Divorce Destroy Your Retirement?", Wendy Connick, Oct. 13, 2017