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Understanding divorce finances

On Behalf of | Jun 3, 2015 | Firm News

Many people in Texas forget to think carefully about their future financial well-being while they are planning to end their marriage. Although divorces can be very emotional, it is vital for spouses to consider how their marital assets will end up being divided during the process. If people decide they simply don’t want to think about these and other financial matters, they could end up paying for the oversight for years to come.

In many marriages, one spouse takes on more responsibility of the household finances and marital assets. Even if a spouse is not used to handling the financial assets, they should become familiar with them before and during a divorce. The greater a spouse’s understanding of their marriage’s finances, the better equipped they will be to negotiate for a fair divorce settlement.

Another important thing to remember about divorce finances is that any agreements that are made between divorcing spouses should be made in writing. For example, a person who is going through a divorce may trust their spouse’s word that they intend to pass a particularly valuable asset to the children. Although it may be uncomfortable to ask for promises like this to be made in writing, it is the only way to ensure that they will be fulfilled.

A spouse may have a better chance of negotiating a fair settlement during divorce proceedings if they have representation from an attorney. In addition to advocating for a spouse’s interests, an attorney may be able to obtain the assistance of a forensic accountant to ensure that all of the marital assets are accounted for.