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Mark Abzug

Concerns facing high-wage earners in a marriage

On Behalf of | Apr 26, 2013 | Property Division

It is generally the case that men have the higher income in a marriage. However, there is a trend that shows women are sometimes equal to or passing their husband’s earning power in approximately 16 percent of households. Such changing facts are creating new property division issues.

If an upcoming marriage is between two high-wage earners, it might be wise to create a prenuptial agreement that spells out exactly which spouse owns certain property and assets. If the couple is already married, a postnuptial agreement may be signed as well. While some people might view this as insulting, experts say couples should take it as a sign of mutual regard between the couple. Should the marriage end in divorce, everyone involved was done a financial service.

It is also advisable for women to have a separate bank account. It allows control over her financial future. It is also a good idea for either spouse to maintain any inherited assets separately. It shouldn’t be used for any marital purposes, such as paying off a mortgage. If that happens, it could cause the remainder of the money to be subject to property division in a divorce. It is also important to protect any business assets with a trust or agreement.

Divorce is, in many cases, a difficult and emotional situation. It’s important that each spouse is protected and gets the share of the marital assets he or she rightly deserves. A Florida divorce attorney may be able to review a couple’s case and help create a settlement that is fair and satisfactory to both parties.

Source: Forbes, “Divorcing Women: When You Earn More Than Your Husband,” Jeff Landers, April 10, 2013