Two recent articles published on CNN.com highlight the need for sound financial planning in advance of a marriage and how that can help if the marriage crumbles and aBirmingham divorce is necessary.
While Birmingham Divorce Lawyers have focused for years on helping families through difficult splits, we understand how tough of a stage of life this can be. While many people don't like to bring up the possibility of a prenuptial agreement before marriage, it's one of the ways to ensure your financial future is stable if the marriage doesn't work out.
People don't buy cars without a contract, yet they continue to enter into marriage with little planning, protection or forethought.
A Fortune Magazine article published on CNN cites reports that reality TV star Kim Kardashian and her NBA player and fiance Kris Humphries are working on a prenuptial agreement. A prenup is a legally binding contract that spells out how each person's assets will be split if their marriage fails.
The article cites a study by divorce lawyers who have seen an uptick in prenups in Alabama and elsewhere because of the financial crisis and people wanting to protect what they have earned.
These agreements are usually used by celebrities and the wealthy, but have become commonplace for the general public. Without one, the court will be responsible for dividing assets, which can leave one person on the short end of the stick. But with good planning and an experienced Birmingham Divorce Lawyer, you can help stabilize your future.
The other article takes a look at cheating during a marriage — financial cheating. Whether one spouse hides money they earn, keeps a secret bank account or hides expenditures, it can take a toll on a marriage.
A new study shows that lying about money runs rampant in marriages. Nearly 31 percent of people who share finances with a partner say they've been deceptive about money. More than half of those said they've hid either money or a minor purchase. Sixteen percent of respondents in the poll said their financial infidelity caused a divorce.
Some red flags about financial cheating:
- When the spouse is resistant to have a conversation about finances or have become argumentative or angry when you discuss finances.
- When your partner makes a big purchase without telling you first.
- When you find bills for items you didn't know about.
- When the spouse has opened new lines of credit in their — or your — name.
It is best to ask questions about finances and spending up front as to avoid a difficult conversation or collapsing marriage at the end. The study found that 14 percent of couples who were recently married or soon-to-be married didn't talk about money before tying the knot.
If you are considering a divorce in Birmingham or elsewhere in Alabama, consult our law firm immediately. We will assess your situation, your finances and other factors and work to obtain the best resolution possible to ensure you are financially stable for years to come.
Financial infidelity: Catching a cheating spouse, by Jessica Dickler, CNN Money
Getting married? Get a prenup, Janice Revell, Fortune Magazine