Let’s face it. Going through a divorce is never easy, and could lead to financial burdens. We live in a society that places an extremely high value on money, whether it be the physical value or mental value. Some couples choose to look down upon another spouse when they are spending money or buying things they can’t afford. This could be a sign that there could be financial stress down the line. Fortunately, there are some steps that can be taken to prevent financial stress during a divorce.
Top Things We Forget During Divorce
Our society places a burden on how one is perceived as ‘achieved,’ or has reached a high success. Each person could think of this number differently, but the main consensus is the more money a person has, the more secure they are. Some have no control over what they spend, which creates big problems later down the line. To prevent arguments on who spends what, or about if one spouse bought a large purchase without the consent of the other; a prenuptial agreement could work in your favor. Prenuptial agreements are not just for the wealthy, or for people who don’t trust their spouse. Prenups are essential in creating and diversifying the married couple’s bank accounts into 2 or 3 separate accounts. In doing so, the couple could have a main joint account for purchases for the home and other purchases the couple would use and have separate accounts for themselves to save some of their own income. This allows both couples some independence from their spouse and allowing them to purchase whatever they want, assuming they have enough money for the item.
Prenups could be the savior of marriage. Most couples believe that prenups are only for the wealthy, or that they’re created because there is distrust in the marriage. This simply could not be further from the truth. Prenups are able to plan out how finances would work during and after marriage. For example, if two couples decide that it’s time to divorce, but one couple ended up spending more money or was out of control spending, your prenup could save you from having to pay alimony.
What’s the best way to avoid financial stress?
When discussing financial issues with your spouse, you may want to start with a mediator. Depending on one’s situation, a spouse could be irritable, or uncooperative. With the use of a mediator, both parties could sit down and discuss financial issues, as well as creating a prenup. Prenuptial agreements should be one of the very first steps one should take when thinking about financial problems. In California, when a couple becomes divorced, all assets and debts are split evenly. This could not always end up working in one’s favor, for example, if one spouse has acquired large amounts of debt and has never paid any of it off. You would be in charge of some of that debt once the divorce is finalized. However with a prenuptial agreement, one could state that the debts acquired by each spouse are their own and not to be shared. For more information on how prenuptial agreements work and what can be included in one, click here to learn more.
Money is more than just a number value
Currency is in place to facilitate transactions, which then gives the image of value. However, monetary value is not the only thing money has. Society has placed a bubble around money- the more you have, the happier and safer you should be. Why should this be? Research shows that the more money people tend to have, the more often they are to go out and spend large amounts. Studies also show that in most instances, the more money a person has, the less they care about the outside world. To the CEO of Amazon, maybe numbers don’t matter. But to the average American, the more money they have saved, the healthier and happier they will be.
Our responses to financial stress issues also stem from how we were raised. Some have a higher standard of living than most, therefore demand and must live at a higher standard. Some couples gain large amounts of income once they become married, but a prenuptial agreement denies one spouse of gaining more alimony. This is one main reason people choose to sign a prenup. Some businesses take off after years, or a person could get lucky in the stock market and have a lot more income than they did before. Without a prenup, these assets would need to be evenly split when divorcing. Prenuptial agreements would allow the spouses to discuss how they would want the assets to be split, without the court coming in to split everything.
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