One of the most-cited reasons for a divorce is financial struggles. In fact, disagreements over money are the second leading cause for divorce, behind marital infidelity. For that reason, it is recommended that engaged Texas couples help set the stage for marital success by drafting a prenuptial agreement.
It may seem counterintuitive to draw up a contract that dictates how property would be handled in the event of a divorce before the wedding even takes place, but doing so can help couples get on the same financial page. It is one thing to intend to keep separate assets, but during a marriage, it may be difficult to ensure that each party maintains separate property. If one spouse has the expectation of receiving significant assets at some point in the future, having a plan ahead of time can ease the division process if a divorce becomes inevitable.
Likewise, if a professional couple expects to bring the burden of student loan debt into the marriage, an agreement for dealing with it can ease tensions. Couples who are able to openly share their financial goals and expectations before the marriage commences will be on more equal footing throughout the relationship. In addition, those who are equally invested in the marital finances may be able to avoid discovering too late that a spouse has been hiding assets or has racked up significant debt.
Since the divorce rate remains fairly high, it makes sense to approach marriage with all of one’s financial cards on the table. Couples who make the sound decision to openly disclose their financial goals tend to fare better both during the marriage and in a divorce if such a step becomes necessary. Texas residents who wish to ensure that a prenuptial agreement can provide the protection they deserve may benefit from consulting with an experienced attorney who can draft the documents that best fit a client’s needs.