The common understanding of marriage has undergone some changes as society evolves and the very nature of the relationship between partners moves toward greater understanding and equality. From the earliest days when women were not considered much more than a form of property, the laws have created a system where at least in theory, marriage is a 50/50 proposition. However, if a couple ultimately divorces, splitting marital assets in that manner may not be appropriate. This may be especially true in Texas.
According to research, student loan debts may cause problems other than just accumulating massive debt. As is common with financial struggles in general, a heavy student loan debt load can create a lot of stress in a marriage relationship. Researchers have known for years that money problems, such as debt, causes stress in marital relationships. However, the most recent study shows that student debts are more harmful in that regard than other types of financial obligations. The Student Loan Hero study found that 33% of student borrowers believed their divorces were caused by money problems, with 1 out of every 8 students blaming his or her student loans for causing marital issues leading to divorce.
While some people feel hesitant about bringing up or agreeing to a prenuptial agreement, more are discovering the benefits of these financial planning tools. One generation and one demographic are the reasons for an increase in prenups: Millennials and women in Texas and other states are wanting prenups.
Prenuptial agreements present Texas couples with an opportunity to understand each other's financial situation and make decisions about what should happen during a divorce. People who know that they will receive an inheritance often have an interest in separating these assets from the marital estate prior to exchanging vows. Potential income disparities between spouses resulting from one party's choice to forgo a career and stay home to raise children might also be covered by the contract in regards to compensating the unpaid individual in a divorce settlement.
Congratulations! You're graduating from college, and you've met the love of your life! You may think now is a great time to move in together, or maybe even tie the knot. Have you thought about the legal consequences of making such heartfelt decisions? You should!
Students graduating from college, especially those who go on to graduate school such as medical or law school, should consider having a legal agreement with their significant other if they choose to live together or get married. After all, students tend to be riddled with debt that may take a long time to pay off, and the decisions made at this stage in the relationship will have a lasting affect on their financial future.