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December 2019 Archives

How prenups can benefit engaged couples

While most couples in Texas like to focus on the excitement surrounding an engagement, it is also necessary to focus on the pragmatic side of the pending marriage. In order to ensure that both parties are on the same page regarding issues that could arise during the marriage or in case of a divorce, they need to discuss finances. Drawing up a prenuptial agreement before they tie the knot can be helpful for both parties.

How divorce impacts a person's finances

A divorce may cause emotional pain, and for women in Texas, the financial ramifications may be even more significant. This is because the typical woman makes 81% of what a typical man makes in a given year. Furthermore, women are more likely than men to obtain custody of their children. However, there are steps that individuals of either gender can take to ensure that they are as financial secure as possible before, during and after a divorce.

Pros and cons of a strategic divorce

Some couples in Texas might wonder whether they would benefit from what is sometimes called a "strategic divorce." In a strategic divorce, a couple splits on paper in order to save on taxes or to help one spouse qualify for Medicaid. A divorce could also mean that there is more financial aid available for a child's college education. However, there are a number of potential drawbacks.