Divorce not only impacts your family, it can also have a serious effect on your finances. Whether you are currently considering divorce or are in a fulfilling marriage but thinking about the future, there are steps you can take to protect yourself from a financial perspective should the unthinkable occur.
Consider a post-nuptial agreement
As worthwhile as pre-nuptial agreements are, many couples are reluctant to implement them. The good news is that post-nuptial agreements are becoming more common, and more respected by many courts as a result. Post-nups can be trickier to enforce since they are written after marriage, but when they include the right elements they are often highly effective. Additionally, both parties should have the contract assessed by their respective attorneys to ensure it is legally binding.
Get involved in family finances
Maybe your spouse is better with money than you are, in which case you may let them take charge of family finances. This is detrimental should you ever get divorced, since you will be unaware of just how much marital property there is between you. Both spouses should be involved in financial decision-making and have a clear understanding of what is shared property and what is not. If you lack an understanding of your family’s finances, start learning the ropes immediately.
Be transparent about financial issues
Finances are a hotly debated issue between most couples. When debt is concealed, or savings are greater than one spouse expected, it can increase tensions even further. Instead, spouses are encouraged to discuss and disclose financial issues as they arise. Not only can transparency make things easier should divorce ever be on the table, it can also prevent fights and arguments about finances going forward.