According to the latest statistics, the divorce rate for 2017 was approximately 35%. While that is a slight reduction from previous years, the prospect of filing for a divorce is still a concern for many Texas residents. Those who have drafted a prenuptial agreement may have an advantage when it comes to divorce proceedings.
The average cost of a divorce is projected to be around $15,000; however, the cost could increase significantly based on individual circumstances. If there are children involved or if the spouses are unwilling to negotiate, the costs will likely escalate quickly. There are several elements that factor into the cost of a divorce, and some of them are fairly standard, such as filing fees and associated court costs. Others will vary, depending on the type of professional services needed and the hourly rates of the individuals involved.
The majority of divorce cases are settled out of court. The fact that many are so costly is dependent on how long the process takes and whether the divorce is contested. One way to help ease the process and reduce expenses is through the use of a prenuptial agreement. In most cases, a prenup will address how assets and property division will be handled and whether spousal support will be allocated. Having these issues resolved before a divorce becomes a possibility may go a long way in relieving anxiety and reducing the need to enter a prolonged negotiation with a former spouse.
A prenuptial agreement cannot address all of the issues that may pertain to a particular situation. Matters such as child custody and support are issues that will need to be resolved outside of these contracts. Even with a prenup, a divorce is a costly and emotionally challenging process. Texas residents who are preparing for a divorce or are interested in drafting a marital agreement may benefit from consulting an experienced family law attorney who can provide guidance tailored to a client’s unique needs.