Over the last couple generations, family dynamics have changed dramatically. Thirty years ago, it may have been uncommon to have women equally represented in professional spaces, but that’s certainly not the case today. Because more women are joining the workforce and Texas households are more likely to have multiple incomes, many aspects of family law have also been affected.
The reality is that men are not the only wage earners in marriages anymore. In fact, some men stay home to raise children while their wives pursue a career. These changes, of course, have uprooted many traditional assumptions in divorce; namely, women are the only ones who receive custody, child support or alimony.
A recently published study shows that 16 percent of wives earn more than their husbands. While this doesn’t represent a majority, it is part of a growing trend. As a result, the way that many couples in Austin approach divorce is also changing.
One way that couples with two incomes can make sure that both parties emerge from divorce in a solid financial position is by creating a prenuptial agreement. By making this legal document, both spouses can account for and protect their assets, in addition to avoiding potential financial disputes down the road. This step can also help provide better assurance that both spouses will feel as though they are treated in an equitable manner through the property division process.
Of course, a prenuptial agreement will not account for every aspect of divorce, including child custody and support. However, it’s a good way for couples to accommodate the realities of living in a dual-income household. By being proactive, married couples can be prepared for whatever the future holds.
Source: Forbes, “Divorcing Women: When You Earn More Than Your Husband,” Jeff Landers, April 10, 2013
Our firm has experience handling the complex financial details of divorce. To learn more, please see our Austin divorce page.