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Sunday, September 24, 2017

It is important to understand finances in a Texas divorce

When couples get married, they typically share many things in their relationship, including household responsibilities. Whether dealing with laundry or yard work, one spouse usually tends to do a particular task more frequently than the other. This is especially true when it comes to handling the finances within a family. However, this practice could be a problem should death or a Texas divorce occur.

Pre-nups useful in Texas divorce

Pre-nuptial agreements are not likely to be perceived as a favorite topic for those getting ready to enter into marriage. While potentially a sensitive subject, it is better to address many of the issues in a pre-nup before the union takes place. Rather than setting a marriage up for failure, it should be perceived as protection for oneself should a Texas divorce occur in the future. Marital experts recommend talking about the issue when the conversation can be done maturely and without emotions involved.

Consider a Texas divorce as an option in a marriage

It is inevitable that people change as they grow older. Preferences, goals, opinions and even values may evolve as a person matures or experiences major life events. In a marriage, these changes may result in the couple growing further apart rather than closer together. A family therapist suggests that rather than feeling trapped in a marriage, viewing a Texas divorce as an option is freeing as a couple.

Get finances ready for a Texas divorce

When deciding to end a marriage, couples must address a variety of issues, such as living arrangements or custody if children are involved. A major area of discussion in a Texas divorce frequently concerns money. Determining how to separate the finances in a marriage can be complicated. Experts have offered suggestions to help get finances in order during divorce proceedings.

Protect financial assets in a Texas divorce

When deciding to end a marriage, most people recognize the emotional toll it will take on them. However, many do not thoroughly address the impact a Texas divorce will have on their finances. In fact, national reports show that, while women experience a 41 percent decrease in income following a divorce, men see a 23 percent decline. Though divorce is certainly a significant event, experts stress that it does not have to destroy someone's financial position. They recommend certain actions that will protect one's finances when going through a divorce.

Is an ex-spouse hiding money in a Texas divorce?

When marriages come to an end, most people anticipate that it will be an emotional transition for them. However, many don't consider the impact a Texas divorce will have on their finances until later in the process. It is imperative for someone going through a divorce to protect his or her financial position, particularly if retirement age is approaching.

Division of property issues: Inheritance and debt

When a couple starts divorce proceedings in Texas or elsewhere around the country, finances are frequently the most contested issue. Division of property is of concern to all parties involved and can be a very complicated process. Financial advisors offer suggestions regarding possible actions to take while a couple is still together that can possibly prevent future disputes should a divorce occur.

Financial considerations for older women getting Texas divorce

Many women who choose to end their marriages later in life often find themselves unprepared for the changes in their financial situations. According to a survey by a retirement investment company, the majority of women responded that they experienced financial difficulties when going through a Texas divorce or one elsewhere in the country. Experts stress the importance of women being involved in the economics of a divorce.

Don't make these mistakes in a Texas divorce

The decision to end one's marriage is one that is never taken lightly. There are many factors to consider in a Texas divorce. While often a highly emotional time, many decisions must be made that can affect someone's life for many years. Therefore, it is imperative to thoroughly consider the financial implications of a divorce. Experts have noted mistakes that are often made by those going through divorce proceedings.

Texas divorce: reverse mortgages popular among older couples

Couples aged 50 and over are deciding to end their marriages faster than any other age group, according to a research organization specializing in demographic trends. Since 1990, the number of older people getting a Texas divorce or elsewhere in the country has doubled. For those over 65, the divorce rate has tripled during that time frame. Because of this trend, many experts have weighed in on how to help protect the financial situations of those entering their retirement years.