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It is important to understand finances in a Texas divorce

Tuesday, July 17, 2018

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.

Financial experts recognize that many spouses know little about the financial situation of their marriages. One of the spouses has turned over the maintenance and decision making regarding money to the other. If the marriage were to end unexpectedly, the spouse with no financial knowledge or expertise would certainly be at a disadvantage.

It is important to understand the financial condition of the relationship by first knowing how much the couple has in savings, investments and debts. Even if one spouse has the main responsibility for the finances, the other still needs to be aware of some basic information. Finding the proper balance for each couple is imperative. Everyone is unique and a cookie-cutter approach to dealing with finances would not be practical.

Regular and open communication about money is essential in a relationship, according to a certified divorce financial analyst. Though someone may not want a hands-on role in budgeting or planning, he or she still needs regular communication regarding finances. Actively discussing the status, goals, and concerns can hopefully avoid potential conflicts.

Money can be the most contentious issue in a Texas divorce. When someone is contemplating ending a marriage, it is important to contact a knowledgeable divorce attorney. An experienced lawyer will help someone through every step of the process and work to achieve the best possible outcome in the proceedings.

Source: USA Today, "Don't give up financial control with marriage", Elizabeth Renter, July 9, 2017

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