Although few Texas couples enter into matrimony with the expectation of divorce, it is still sensible to consider the potential for this outcome. Managing mutual financial issues collaboratively can also prove helpful for keeping a marriage on a successful course. Because financial difficulties are common factors leading to divorce, a good financial plan during marriage may actually minimize the risk of this outcome. Even if divorce does occur, collaborative financial management can make a split more easy to accomplish.
In many marriages, one spouse takes on the role of homemaker, caring for children and managing household affairs. This may take that party out of the work force on a part-time or full-time basis. However, it is wise to maintain one’s professional certifications and contacts to ensure that if the need to return to work arises, the preparation will be easier. It doesn’t necessarily take a divorce for this issue to become a reality. If a spouse loses a job, suffers a catastrophic injury or perishes, the other party could be left without a source of income.
Similarly, a cooperative strategy for handling household finances can prove helpful in case of serious problems affecting the marriage. Divorce can leave a spouse who is unfamiliar with financial matters at a disadvantage. By staying current in terms of loans, credit cards, investments, and savings, a partner can be poised to seek a fair settlement in divorce proceedings. A couple that has worked together well during marriage may be less likely to deal at with contention over finances at this stage as well.
If finances have been a problem during a marriage, an individual might want to seek representation from a lawyer who is experienced in dealing with complicated financial issues in divorce cases. A lawyer might need to bring a forensic accountant into the process to carefully investigate retirement accounts, assets, and credit obligations of the other party.
