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Maintaining control of finances may ease strain of Texas divorce

Wednesday, June 20, 2018

Finances can be a trigger for turning an amicable Texas divorce into a bitter one. If asked today, it is likely that one of the main things women wish they had handled differently during marriage would be finances. This includes being aware of how much money is earned by their spouses including bonuses, commissions, stock options or other funds. Many divorcing women may also regret not maintaining some type of control over their own funds, such as keeping a separate bank account that only they can access. Making plans to ensure financial stability could be an instrumental step in recovering after a Texas divorce.

While there are some negative considerations to doing this, there are also benefits. Although many women work outside of the home and are capable of earning their own way, some have given up those careers to stay at home and maintain the household. This may have been a wonderful decision initially, but if a Texas divorce is looming, it could be one that is later regretted. Giving up a career can mean being dependent upon the spouse's income, but having a reserve of money may help if a separation occurs.

Any amount of money a woman wishes to save does not have to be kept secret, but should remain in a separate account. Women who marry may bring significant assets into the relationship, and careful planning may ensure that those assets remain protected during a divorce. If the money is secreted away and discovered during a divorce, one may be accused of trying to hide assets. It is important to remember that all accounts, even those a spouse does not know about, must be listed on the required financial affidavit both parties fill out during a divorce.

Finances after a Texas divorce may sometimes seem shaky, but if someone has taken the time to save money and protect it, the resulting separation and financial hit may not be as hard. Anyone who is considering marriage and would like to keep certain property separate may want to look into the benefits of a prenuptial agreement. Those who are already married have other legal options available to ensure that their funds are protected, but it may be better to take care of the planning sooner rather than later.

Source: Forbes, "Pros And Cons Of Keeping A Secret Fund In Case You Divorce," Jeff Landers, Feb. 14, 2013

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