Month: March 2020

Your decision to divorce will have serious financial implications on your life. You know that the choices you make throughout this process will directly impact your future, which is why it is important to think long-term. In fact, there are steps you can take now to start preserving your interests and preparing for the process ahead.

If you have not yet filed for divorce, you may think there is not much you can do yet. In reality, you can start taking steps that will provide you with more control and give you more leverage when it’s time to negotiate. You have the right to fight for a strong financial future, and that process can start even if you are still simply considering the possibility of a divorce. 

Your future, today

Divorce will also certainly reduce your financial standing, at least for a period of time. Even the wealthiest of Texas couples may find that they experience some impact from the terms of their property division and financial settlements. You can minimize the negative effects and bounce back quicker when you are well-prepared for the process ahead, and some of the things you may want to consider doing include:

• Get familiar with your finances now — This is especially important for a spouse who was more hands-off with the finances over the course of the marriage. Familiarize yourself with accounts, tax returns and other important things you need to know.
• Talk with someone — Talking with financial professionals and other knowledgeable individuals can help you get the information you need to make smart choices in your divorce. Ask questions, learn about your rights and discover as much as you can about your financial situation. 

These are only two of many ways you can take steps to make sure you have a strong financial future after your divorce. Finances are one the most sensitive and complex issues to address in a divorce, and you do not have to navigate these complicated matters on your own.

With the support of an experienced family law attorney, you can pursue a settlement that makes sense for you and your objectives. The stakes are high, but stability and security are possible. Take control of your future now and avoid regrets down the road, starting by seeking an assessment of your case and explanation of the legal options available to you.

Couples getting married in Texas should explore the possibility of a prenuptial agreement and how it can help them. While these agreements may not be the right thing for everyone, they can provide valuable protection for people entering a marriage under certain circumstances. Although one may not want to enter a marriage planning ahead for its possible dissolution, it is sensible and can help protect one or both of the spouses.

Certainly, those who go into a marriage with significant assets need the protection that a prenuptial agreement can offer them. This includes people who either have a business or plan on starting one. Prenuptial agreements will help if they have their own money or their family has significant assets.

The benefit of a prenuptial agreement is that, in the case of a divorce, the property is divided in accordance with the terms of the agreement. The agreement can also protect children if the marriage is a second union by ensuring that a spouse can keep their assets and the children would not lose their inheritance in a divorce. A prenuptial agreement is not always easy to bring up and negotiate, but it is absolutely vital in many cases. The alternative is that a spouse can be at risk of losing their assets in a divorce.

While it seems paradoxical, one should contact a family law attorney before getting married to learn more about prenuptial agreements. They may be able to suggest parameters for a valid prenuptial agreement and give tips on discussing it with the prospective spouse. Note that the attorney will represent one spouse as opposed to both people. Prenuptial agreements could be invaluable and make life easier in case the worst-case scenario happens years into the future. An attorney might help prevent chaos in that event.