Considering financial planning during a divorce

| Sep 20, 2013 | Property Division

Problems can plague a marriage at any time, no matter what the duration of the union has been. Tennessee couples understand that divorce could happen at any age. When a marriage is dissolved, numerous decisions need to be made, whether they are young, middle-aged or retired. The property between the couple needs to be dispersed, but that is not always an easy step to go through. If one spouse handled the finances in the relationship, the other spouse might not be aware of all the assets and property the couple owns. Moreover, the spouse that has not taken part in the financial planning might be at a disadvantage post-divorce.

A recent report indicated that older couples that are dissolving their marriage might put women at a disadvantage. The study indicates that older women are often not a part of the financial planning in the marriage. This fact may be a reason why wives may not be able to handle their finances both during the divorce process and post-divorce.

Since the divorce rate for those over 50 is increasing and has doubled in the past 20 years, the conversation about marital assets and finances is an important one to have. Even if there is no sign of divorce, older married women who do not deal with any of the finances should till seek to better understand them. Even if they do not divorce, they could be left widowed and dealing with debts and assets they did not know existed.

No matter what the age of the married couple, it is important to differentiate between property that is considered marital and property that is separate. Keeping accurate records and completing a spreadsheet of their items could assist individuals with the property division process. Future finances, such as retirement assets should not be neglected and should be handled in the divorce, even if they are decades away from divorce.

Divorce is never an exciting event to think about or go through; but the reality of the situation is that both spouses should be aware and prepared for the process. Those finding it difficult to deal with the financial aspect of a divorce may find it helpful to seek the counsel of a legal professional. They will be able to guide the spouse through the process, and help separate property and assets.

Source: Financial Advisor, “Women Need Advisors’ Guidance Before Divorce Strikes, Expert Says,” Karen Demasters, Sep. 16, 2013

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