Finding what seems like one’s soulmate is often an exceptional event on one’s life. Getting married is often soon to follow, and thinking about a possible future divorce is usually far from one’s mind. Planning for the unexpected and unfortunate can often create a sense of peace and closeness, especially when Texas couples agree on the steps to be taken and plan together accordingly. Seeking a prenuptial agreement can help couples to understand how their financial future would look like should the unthinkable happen.
Regardless of the amount and worth of assets each partner brings to the union, these are still assets that were separate property prior to the union. How these assets will be divvied up during a divorce can be easily ascertained with a prenuptial agreement. There are a few tips that financial advisors suggest couples consider when talking about finances, property and possible inheritance.
Although most couples like to share financial accounts, having a personal account to take care of expenses that fall solely on the shoulders of one spouse, like a rental property owned prior to the marriage, is advisable. Making sure to keep all expenses related to the property coming out of the sole account will ensure that the property does not transfer over to community property during a divorce. In addition, people should consider what would happen if a spouse dies unexpectedly. What would happen to property and assets should one or both spouses have any children from a previous relationship?
There are many financial agreements that Texas couples consider prior to marriage. When a marriage takes place, it is very easy to commingle all money and assets. However, money can be a difficult hurdle in a relationship, and it can be an extreme point of contention during divorce. Protecting these assets is crucial for those who wish to keep their assets as their own and provide for any heirs in the future. With the use of a prenuptial agreement and careful financial planning, couples can set the future to satisfy both parties should a divorce occur.
Source: host.madison.com, “You’re married, but your assets don’t have to be“, Liz Weston, March 21, 2018