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Proper planning could mitigate effects of a future divorce

Texas married couples who are hesitant to consider the possibility of a future divorce when making a financial plan may find that doing so could actually be a wise choice. Preemptive preparation in the event that the marriage comes to an end might feel uncomfortable and fatalistic when thoughts of divorce are the furthest thing from mind, but without a reasonable asset accumulation strategy in place for each spouse during the marriage, one could be left in a difficult financial situation in the event that the couple does indeed split up.

Although either partner could be left in the cold, women are often seen to be less financially prepared for the future than men. It has been suggested that the financial impact of a divorce might be mitigated if both partners take care to develop four basic skill sets during the marriage. When both spouses are able to pay bills, budget, make a variety of financial decisions and save for retirement along the way, the marriage benefits from their joint effort, and in the event of a subsequent divorce, both parties may be less likely to find themselves vulnerable to a disproportionate amount of financial risk.

Planning ahead for the possibility of a future divorce might be a practical approach towards financial independence, but care should be taken that such plans do not become a self-fulfilling prophecy. Although everyone wins when each partner masters high-level financial skills during the marriage, discussing an eventual separation could be the first step along that path.

When the end of a marriage is looming, the thought of financial independence can be scary to some. A family law attorney can often negotiate a settlement agreement that provides a client with a semblance of security.

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