One of the biggest problems that crop up during a marriage is financial disagreements. One way to avoid some of the problems that couples encounter during a marriage and later divorce is to create a pre-marital contract. Texas residents who are curious as to how these documents can protect them may seek information from experienced professionals.
A recent study found that disagreements and struggles over finances play a significant role in nearly half of all divorces. It is suggested that the time to discuss financial goals and money management is before a couple weds. While many may think that a simple discussion over whether to open a joint bank account is enough to resolve potential conflict, in reality, financial professionals encourage couples to engage in in-depth discussions over their financial goals and the steps they need to take to accomplish them.
One way to avoid disagreements over financial matters is to draft a prenuptial agreement. Though these contracts are not often employed, the benefits they may bring are usually worth the effort. In the process of creating these contracts, both partners are required to fully disclose all of their assets and debts. Being aware that one partner may have a poor credit rating or previous financial obligations can allow the couple to more effectively plan their financial future without unpleasant surprises when making attempting to make a major purchase.
There are other steps a couple may take to help prevent struggles over asset management, including seeking professional advice from financial planners or counselors. While many of these suggestions are sound strategies that may facilitate a stronger union, many marriages may end in divorce due to a variety of factors. Texas residents who have a prenuptial agreement in place may be able to get through a divorce with less acrimony. An experienced family law attorney can provide guidance in drafting these documents or in seeking a satisfactory settlement agreement during divorce proceedings.