Most people could benefit from financial planning long before it occurs to them to look into it. Estate planning is another area where people often wait too long to get started, to their detriment. Divorce, however, is something people generally don’t plan for at all. Almost no one gets married with the intention of getting a divorce in the future. Whatever statistics say, people expect that their marriage will withstand the test of time. But like so many other things, it is best to think about the possibilities and take proper precautions before it is too late.
Planning for divorce could help the marriage
Money is one of the primary points of contention in many relationships. Understanding how assets are divided in a divorce might help you maintain them in a way that reduces conflict. Bank accounts are not romantic. There is no reason that a married couple must share every account. If you enter a marriage with separate property, it makes sense to maintain separate accounts to cover the expenses of what is solely yours.
Separate accounts can also save you from unpleasant surprises regarding the spending habits of your partner. Joint expenses can easily be managed with a designated joint account. Even if divorce is not in the cards, separate accounts can protect you from creditors, unexpected losses and marital strife.
Prenuptial and post-nuptial agreements
Prenuptial agreements are common when one party has significantly more assets at the outset of the relationship. If you didn’t bother with a prenup, you are not alone. Post-nuptial agreements can be formed after a couple is already married. These agreements allow both parties to control their property in the way they see fit. State laws do not have to dictate how your property will be handled if one of you dies or if the marriage ends.
It is never too early to plan for the future. Take the proper steps now and your property will be secure come what may.