Financial Planning For Your Marriage | Dallas Family Law Lawyer
It’s a fact that people are getting married later in life. As a result, couples are farther along in their careers, have developed certain financial lifestyles, and are bringing into a marriage a variety of assets and debts that they have accumulated. It’s also a fact that one of the major causes of divorce is financial miscommunication.
Even though a prenuptial agreement carries negative connotations, the process of discussing and preparing a prenuptial agreement is an excellent way to understand and get familiar with each other’s financial circumstances, lifestyles, and priorities before getting married. Having all the information helps couples work together on their finances rather than come across issues later in the marriage.
For example, what if one partner is more focused on saving for the future and retirement planning, whereas the other spouse believes in vacations and trips periodically rather than putting the funds into savings. Not only can this be discovered during the discussions, but this can also be accommodated in a prenuptial agreement by keeping certain funds separate for a spouse’s own personal use, and some funds in a community account to allow for joint expenses and decisions. This can help avoid future arguments about how each spouse chooses to spend certain funds.
What about children’s college expenses? A prenuptial agreement allows for the spouses to have a discussion regarding how they plan to save for future children and college expenses. How much would be set aside each month, what vehicle would be used to grow the funds and invest, and how much would each spouse be contributing. Again, having this discussion prior to marriage gives you a clear picture as to the other person’s intentions and financial goals, as well as helps address it before it becomes an issue.
In fact, a prenuptial agreement is a great way to open the door to all financial discussions that could potentially become issues during the marriage. It gives the spouses a good idea as to assets each partner holds, and what debts they may have. This way, both parties enter the marriage fully informed as to all of the assets and debts that the marriage may have and if there are any issues or concerns, they can be addressed beforehand.
There may be certain funds or inheritances that one spouse believes should be strictly their own to do with as they wish. A prenuptial agreement would help solidify that, but more importantly, it would inform the other spouse of your intentions.
What if there is an expensive hobby you have, or interests that has always been something you have taken part in. The marriage is not a reason for you to stop, but it is certainly a good idea to discuss it with your partner so that you both are aware of the costs and expenses it may use during the marriage.
Having a prenuptial agreement is an excellent way to have an open and informed discussion with your partner regarding financial circumstances and lifestyle. It allows both of you to understand the other’s financial perspective and review each partner’s assets and debts. Having this discussion and knowing each person’s perspective serves to help avoid arguments during the marriage. Financial issues are a significant cause for the breakdown of marriages. Fortunately, a simple and effective tool, like a prenuptial agreement, can help avoid that altogether.
The attorneys at the Ashmore Law Firm are not only experts on the subject of a properly prepared prenuptial agreement, but they are also sensitive to the timing of the discussions and will treat the process respectfully and kindly. Speak with one of our lawyers for a no obligation discussion of your options and the process.
Do You Need To Speak With An Experienced Prenuptial Agreement Lawyer In The Dallas Area?
If you need to speak to an experienced prenuptial agreement attorney please contact us online or call our Dallas office directly at 214.559.7202. We help clients throughout the Dallas area with all of their family law needs and look forward to helping you.
