Far too many Texas couples plan for their marriage without giving adequate consideration to drafting a prenuptial agreement. Prenups may not be the most romantic topic in the world, but they are a financial necessity when statistics suggest a divorce rate that affects nearly half of all marriages. Negotiating alimony and other terms of a divorce prior to walking down the aisle can make a big difference if the union ultimately ends.
When one spouse earns the bulk of marital wealth and the other sets aside career advancement to raise a family, alimony will almost certainly play a role in the divorce process. Alimony is intended to compensate spouses for those types of sacrifices. While most couples would agree that some level of alimony payment is fair, it is important to negotiate the details of spousal support.
For example, if one party has a marketable skill or advanced education and chooses to work within the home rather than pursue a career, should he or she be compensated for years following a divorce? Many believe that a divorced spouse has an obligation to put his or her talents to use in the workforce to support his or her own needs. However, without a properly drafted prenup, a party who did not work during the marriage could receive financial support for many years after the divorce.
Alimony is only one topic that Texas couples can and should discuss during prenup negotiations. In many cases, ironing out these financial details ahead of time can actually serve to bring a couple closer. In the event the marriage does eventually end in divorce, having alimony and property division already clearly outlined can make that process easier to navigate.
Source: theweek.com, “How marriage can transform your finances – for better or worse“, Amanda Gladin-Kramer, Oct. 19, 2017