While an increasing number of high-income earning women in Texas is a good thing, it can lead to complications for women who marry. When a woman makes more than her spouse does, it could mean that if she and her husband divorce, she will be the one that has to deal with the responsibility of alimony. Additionally, the person in the marriage with the higher income also usually sees a larger portion of their savings and retirement accounts taken. Therefore, women may want to think about protecting their assets from a divorce.
Some of the things that women can do to protect their assets if they get married and divorced are keeping inheritance accounts separate and protecting their business. In most states, income that comes into a marriage, such as an inheritance account, is not considered a marital asset that can be divided during a divorce. However, if someone attaches their spouse’s name to the account or uses funds from the account to purchase joint property, that may change. Therefore, it may be a good idea to keep inheritance accounts isolated from a spouse.
Some high-earning women own businesses, and they can also end up being divided during a divorce, which can be ruinous for a business. There are trusts and legal agreements that can be draw up to protect a business from these circumstances, and they bear looking into when someone gets married.
Most people do not want to think about the consequences of divorce until the issue is upon them. Still, talking to a lawyer may help people reduce the effect divorce has on their finances.
Source: Forbes, “Divorcing Women: When You Earn More Than Your Husband,” Jeff Landers, April 10, 2013