A marriage is oftentimes an opportunity for two Rhode Island residents to combine their earning power in order to make more significant financial moves, such as purchasing a home or starting retirement accounts. Many couples will take advantage of the opportunity to pool their income for this mutually advantageous financial approach. But, there are some situations in which a soon-to-be married couple may want to keep some things separate. In these types of situations, a prenuptial agreement may be a good option.
Most people in Rhode Island probably try to keep their family problems private. However, there can be times when family issues necessitate a more open response, namely in the form of divorce. And that is when times can get really stressful.
Realizing that you are to be a divorced parent can sometimes feel overwhelming. Many parents wonder how well they and their spouse will parent their child from separate households. 17 U.S. states currently require that divorcing parents take a parenting class during the divorce process. One Rhode Island man is pushing for such a law to take hold in our state. This is not a new idea. Years ago, divorcing parties were required to view a video at the court house before they could put through their divorce.
Money is often at the root of many arguments that married couples in Rhode Island have. After all, people can have different spending habits or different goals for saving money. While some couples have addressed the issue of money in their relationship prior to walking down the aisle, through a prenuptial agreement, not every Rhode Island couple has done so. When a couple's arguments about money become overwhelming and threatens their very union itself, they may wonder what they can do to see eye-to-eye. One option they may want to consider is drafting a postnuptial agreement. Mediation is a great process to use for creating this document.
Getting divorced in Rhode Island involves much more than one party moving out of the family home and signing a few documents after a trip to the courtroom. It is important to understand what issues need to be resolved and how to best go about reaching an outcome that is fair. For this reason, many people seeking a divorce may need to get more information before any decisions are made.
Couples in Rhode Island who are engaged to be married may have stars in their eyes, but they should not forget the financial practicalities that married life will bring. After all, they may have an idea as to whose property should be whose, and what property will be owned by the two of them. One way to cement these notions is by creating a prenuptial agreement. And, in fact, according to a 2013 American Academy of Matrimonial Lawyers survey, 63 percent of members surveyed stated that they saw an uptick in the creation of prenuptial agreement since 2010.
Drafting a prenuptial agreement does not mean that you expect to divorce. Quite the contrary, it can serve as a means to discuss finances openly and honestly which in the end could lead to a stronger marriage. That being said, it is a fact that many marriages in Rhode Island these days, despite the best efforts of both parties, end in divorce.
While arguments about money may have been commonplace prior to divorce, couples in Rhode Island may be surprised to find out that their financial disagreements can carry on even after the divorce is final. In fact, simply signing the divorce decree may not be enough to transfer certain types of assets.
Most people in Rhode Island carry some form of debt. After all, as much as an individual would like to be able to live debt-free, the truth is that sometimes this simply isn't feasible. Debt, for better or worse, presents financial challenges for many individuals in the state.
While most people in Rhode Island do not anticipate that their marriage may not last, the fact is that sometimes divorce happens. For this reason, some couples create a prenuptial agreement before getting married so that their rights are protected in the event of a divorce. Last week's post discussed some of the basic topics that prenuptial agreements may cover. Prenuptial agreements serve many purposes, both financial and otherwise, so it is important to make sure nothing important is overlooked when creating one.