Who plans for marriage and marital dissolution at the same time? Some Washington residents do, but there should be more. Why? While no one wants to think about their marriage ending in divorce, the truth is a lot of them do. If one is not prepared for it, the financial fallout one might experience could be significant.
According to a recently published article, the average age that women get divorced for the first time is 30. At 30, some people are already established in their careers, and they may have one or more children, a house and a number of other assets to their names. Washington is a community property state, which means marital assets will be split 50/50. The only way that may be avoided is if a prenuptial or postnuptial agreement is in place. Even then, the terms of such a contract need to be fair.
Many women choose not to involve themselves in the details of their marital finances. This is a mistake. If divorce does enter the picture and protections were not put in place long beforehand, their spouses may be able to successfully hide assets and get more out of the dissolution settlement. While not fair, it happens. Being involved in marital finances from the very beginning can help avoid this type of scenario if divorce is ever on the table.
The divorce process can be difficult to get through emotionally and financially. The financial aspect of it can be made easier simply by taking steps early on to protect oneself. An experienced family law attorney can assist engaged or newly married couples with putting any desired protections in place. If divorce does enter the picture, further assistance in getting through the process can be provided.