When a Texas marriage ends in divorce, one of the top areas of concern for all parties is the division of marital property. The outcome of this process will have financial ramifications for all involved, and those outcomes can be viewed as either positive or negative, depending on which side of the fence one stands. For couples who have not yet begun the divorce process, however, there are steps that can be taken to ease the often complicated process of property division.
Perhaps the most forward thinking plan of action is to draft a prenuptial agreement before the marriage takes place. Such a contract can clearly outline which assets are held by which parties, and can delineate how those assets are to be divided in the event of a divorce. However, not all couples make use prenuptial agreements.
In those cases, it is still possible to gain a measure of contractual protection in the form of a postnuptial agreement. These documents act in much the same way as a prenup, but are drafted after the marriage takes place. This is a financial planning tool that can help many couples address issues of how their assets are to be passed to children from preexisting marriages and a wide range of other concerns.
Regardless of when a couple decides to address these issues, the best manner of doing so is through use of a legal document. These are essentially contracts between a husband and wife. Having one in place can greatly expedite the property division process, and ensure that financial decisions made in less emotionally charged times are adhered to in the event that a Texas marriage ends.
Source: Forbes, “Divorcing Women: When You Earn More Than Your Husband,” Jeff Landers, April 10, 2013