/// 09/29/2010
According to the Pew Research Center, hard times have hit approximately 55 percent of adults, as workers have suffered from extended unemployment, pay cuts or reduction in work hours since 2007. This downward momentum for the American worker has been termed “The Great Recession” and sparked studies across the country on its effect on familial relationships. The financial turmoil and instability created by the economic downturn has not only affected workers who are subject to pay cuts or layoffs, but the significant others of those workers. Articles published on MSNBC and in Forbes Magazine highlight the growing awareness of premarital agreements as a possibility for those considering marriage during these economic hard times..
The North Carolina family lawyers of Gailor, Wallis and Hunt explain that protecting assets and making plans fora mutually agreeable handling of the financial aspects of a marriage can protect a union and aid in its success. Those planning to marry are becoming increasingly aware of the many people in unhappy marriages who are unable to divorce due to financial reasons. As a result their marriage planning includes pre-emptive measures, such as premarital counseling and premarital contracts. While premarital agreements used to have negative connotations, the reality of economic circumstances have changed and with it the attitude toward premarital agreements which are now widely thought of as a reasonable means to protect against the financial hardships of a potential separation and divorce. The Raleigh divorce attorneys of Gailor, Wallis and Hunt explain that the financial aspects of a marriage are just like a business, and that financial partnerships require game plans and involved players. In order to participate in a healthy, active marital partnership, each partner must willingly participate in dealing with the financial realities and legalities that accompany a marriage. The law firm of Gailor, Wallis and Hunt offers several tips for creating a sustainable marriage in hopes that the need for a divorce attorney will only be at the beginning of a marriage. Taking from advice provided by MSN Money, in an article titled, “Get real: Marriage is a business,” GWH describes the following steps:
Due Diligence:
Couples planning to wed should sit down together and exchange credit reports. They should also prepare a list of assets and liabilities so that each knows the other party’s net worth. Furthermore, each potential spouse should create a cash flow statement that shows current income and expenses in order to understand each other’s budget. It is impossible to plan for a future if there is no basic financial starting point.
Determine Goals for the Partnership:
Successful businesses have business plans, or outlines of future goals. Plans should include investments, retirement savings, and child expenses, if children are a possibility. Any goal that is considered important should be discussed in order to assure each party is on the same page. Toxic debt, such as credit cards or faulty loans, should be discussed at this point as well, as the marriage will grow to include both names on the debts.
Create a Plan to Attain Goals:
Many couples, especially those entering second or third marriages are including these plans in their prenuptial contracts. This is simply because those entering second marriages typically already have assets of their own and want to ensure their properties and dependants are protected. As successful companies require a plan of action, successful marriages need a plan or contract to ensure each party carries his or her own share of responsibilities. If both parties create a contract that ensures benefits for each side, the chances for conflict inevitably decrease.
Consulting an attorney experienced in family law and divorce will provide the knowledge you need to determine whether a premarital contract is a good move for you and your potential spouse. Whether, you are entering your first, second or fifth marriage, obtaining the advice of a lawyer will help ensure all your needs are met. Whether you are beginning your career or well into it, with or without children or planning on taking over a family business, an attorney experienced in all aspects of family law can help you with addressing these issues in your future marriage.
When deciding whether a prenuptial agreement is necessary or appropriate and what provisions should be included, each party should obtain his or her own lawyer. The family law office of Gailor, Wallis & Hunt can help you prepare your prenuptial agreement so that in the case of a divorce or death, your assets will be protected.
The highly respected attorneys of Gailor, Wallis and Hunt help couples plan for and preserve their marriage and family, but are also dedicated to assisting men and women obtain a fair and equitable divorce when that is the only alternative. GWH offers knowledge, skill and experience in the many areas of family law that is second to none.
To contact any of the lawyers at Gailor, Wallis & Hunt, call them at 866-362-7586, or visit their website at www.gailorwallishunt.com.
Gailor, Wallis & Hunt, PLLC
Divorce is Tough – So Are We
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