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Discussing financial issues before a marriage helps transparency

On Behalf of | Sep 1, 2015 | Firm News

As Texas couples know, finances make up a big part of married life. Some are are starting out, while others are already positioned in a career and might have been married previously. Despite age or status, it is wise for a couple to discuss finances before the marriage. Having a prenuptial agreement puts this discussion on paper.

Transparency is a good idea in marriage, and truthfulness about finances makes for a honest commitment to each other. Such honesty may be useful before the marriage begins. Sitting down and discussing one another’s existing debt and past problems, such as bankruptcy or tax issues, is helpful. This establishes a baseline, and it might be best to decide if both partners will assume prior debt. A strategy can be worked out detailing how the debt will be handled during the marriage and who will be responsible for it.

Another aspect of financial transparency involves a couple’s handling of money after marriage. For instance, if both parties work, some bills might be the responsibility of one spouse while others will be shared equally. Deciding on the way a couple wishes to handle money during the marriage varies from one couple to another, and it often depends on their goals. Saving money to buy a home may be right for one couple but not for another. Disclosing goals to one another and finding ways to merge them might be beneficial.

The end of a marriage can be an emotional and stressful time, and one of the more contentious issues is often property division. A valid prenuptial agreement that has been reviewed by counsel for each party before it has been signed can often be an appropriate way of handling this issue.