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Protecting assets from loss due to military divorce

| Jan 27, 2016 | Military Divorce

The men and women in Texas who protect and serve our nation deserve a great deal of respect. They also deserve to have their own interests protected, which is often low on their priority list. This is especially true of younger members of the military, who are still optimistic about love and marriage. While entering into marriage with no intent to divorce is an admirable approach, a degree of caution should also come into play before taking those vows. Fortunately, there are ways to protect assets from loss during a military divorce.

The best means of protection is to draft and sign a prenuptial agreement. This is a marital contract that outlines how assets are to be divided in the event of a divorce. Within a prenup, it is possible to preserve assets that were already in place at the time of marriage, such as retirement savings or an inheritance. It is also possible to outline what type of spousal support, if any, would be available in the event of divorce.

For those who are already married, it is still possible to gain these types of protections by means of a postmarital agreement. A postnup serves the same essential purpose as a prenup, but the parties negotiate and sign the contract after the marriage has already taken place. As with a premarital agreement, it is important that both parties have access to legal counsel to advise them on their rights prior to signing.

Many people in Texas believe that asking for a marital contract demonstrates doubt in the strength of the marriage. In reality, however, having a prenuptial or postnuptial agreement is nothing more than a matter of financial security. These contracts can also help prevent military divorce, as spouses will know that they cannot fall back on spousal support or their partner’s retirement savings if they take action to bring harm to the marriage. Having that knowledge in the back of one’s mind can have a significant impact on the choices made during a marriage, especially one that involves the stresses of military service.   

Source: rollingout.com, “Find out how to protect your assets from a possible bad breakup“, Kacie Whaley, Jan. 13, 2016