Before you file for divorce, it is important to recognize that the act of divorce can be ruinous to your personal finances if you haven’t made any pre- or postnuptial preparations. In the following article, Shane Kersh talks about the many ways divorce petitioners can find themselves hemorrhaging money, and how to avoid it. Shane Kersh is a Houston family law attorney.
Ideally, all marriages would be happy and healthy, and “’till death do you part” would be the rule and not the exception. Unfortunately, life isn’t a fairy tale, and many couples ultimately grow apart and pursue separate lives. While preparing for a divorce before you’re married may seem pessimistic, counterintuitive, or even cold-hearted, it may be the best decision you ever make. (Apart from getting married, of course!) Here are a few of the ways you could find yourself in significant financial peril in the event of a divorce if you haven’t taken any precautions.
- Your business may be severed. If you own a business prior to your marriage and fail to arrange a prenuptial agreement, a court may order that you divide all of your assets, including your company even if your spouse played little to no role in creating or maintaining it. If you own intellectual property rights, such as for patents or trademarks, your spouse may be entitled to half of those, too.
- Providing childcare as a single parent is extremely costly. Raising children in a two-parent household is expensive enough, but paying child support or working while being a single parent can be extraordinarily difficult.
- A contentious divorce may interrupt your work. If you’re mired in a difficult divorce, you may find yourself missing work to care for your child or appear in court, and it could distract you from your work-related tasks, hurting your ability to earn reliably.
The fact of the matter is: many people stay in unhealthy marriages simply because the prospect of divorce would be too much of a financial burden. Don’t let unrealistic romantic expectations prevent you from protecting yourself and your future children. Consult with a family law attorney before tying the knot, and learn how you can spare yourself a financial disaster if your marriage ultimately ends in divorce.
To contact Shane Kersh or an attorney at Kersh Law Firm, please visit our contact page today.