Family law attorneys don’t usually get to see couples before they marry. Most often, couples work with family law attorneys as they prepare for and navigate divorce. However, family law attorneys have a unique perspective on the things that can destroy marriages. In sharing this perspective with couples who are not yet married, it’s possible that family law attorneys could help prevent some divorces.
One essential piece of advice for couples who are contemplating marriage is to talk about money. Disagreements about money rank high on lists of issues that lead to divorce, and if one or both of you are hesitant to discuss finances, it’s worth taking time to think about why. It’s also worth taking time to work through your thoughts and feelings on money to develop a unified financial strategy. It’s a good idea to explore this area of your relationship, as well as many others, with the help of a premarital counselor. A premarital counselor can help you, and your potential future spouse come to know each other in ways that will benefit you immensely once you are married, by helping you explore potentially tricky topics together in a safe environment.
The second piece of advice that I have for couples who are considering marriage is to assess whether a prenuptial agreement would be useful for them. When you explore the question of whether the two of you might benefit from a prenuptial agreement, consider that Texas is a community property state. In a Texas divorce, each spouse gets to keep what they had before the marriage, and whatever they acquired during the marriage becomes part of the “community property,” which gets divided evenly between the spouses. If you’re approaching marriage with something, such as a business, that could grow in value during the marriage, it may be wise to make a prenuptial agreement if you would not want it split in half in the event of a divorce.
If you and your spouse have reached a point at which divorce seems inevitable, my first bit of advice to you would be to divorce sooner, rather than later, if you expect to be paying alimony. This is the last year that the federal income tax deduction for alimony is available, following the enactment of 2017’s Tax Cuts and Jobs Act. All divorces that involve the payment of alimony that settle before the end of 2018 are grandfathered, giving the paying spouse the ability to claim a tax deduction on the alimony they pay to a former spouse. Paying spouses whose divorces settle after that date will not have access to that deduction.
The second piece of financial advice that I have for divorcing couples is to be thorough in making changes to your personal documents after your divorce is final. Make a checklist of all of the changes that you need to make, and take care of them one by one. Beneficiary designations, social security information, estate planning documents like your will and health care power of attorney, all of these and more may need attention before your affairs are entirely in order as a divorced person.
Whether you are contemplating marriage or considering divorce, a Texas family law attorney can answer your family law questions. Call Texas Family Law Attorney Alex Tyra today, at (903) 753-7499 to schedule an initial consultation. You can also plan your consultation online by using our online contact form.