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Understanding finances during a divorce and post-divorce

Tennessee couples understand that when couples decide to get married they often share the household tasks. This often means that one spouse will handle specific chores or household labors while the other spouse does the same. This is often optimal when the couple is married, but when they decide to dissolve their marriage, the spouses might find it difficult to transition into singlehood and doing things as an individual. Furthermore, if the spouse has never dealt with the marital finances, they might be at a disadvantage. Not only will this make property division challenging, it can make the transitioning phase post-divorce quite difficult.

A recent report indicates that it is natural and healthy for one spouse to manage the bills and assets in the marriage. Although financial planners suggest that both spouses to have an adequate understanding about the marital and family finances, it was reported that about 28 percent of couples stated that they were completely confident that either spouse could manage their joint retirement finances.

Because divorce, disability and death can cause a spouse to takeover all the duties of a couple, it is important that both spouses understand the basics when it comes to finances. As a married couple, it is always important to plan for the future. Even if the couple believes that divorce is not an option, making an inventory or their assets, debts and property can help the couple significantly is their marriage were to dissolve.

Knowing what a couple owns and what their assets are worth can help determine how property is divided. Also listing ownership such as marital and personal property can help settle any disputes that arise over who gets what property.

Although understanding finances is important, married couples, divorcing couples and divorced individuals can seek guidance from financial planners and other professionals when it comes to handling their property and assets in a divorce and post-divorce.

Source: The Wall Street Journal, "What Each Spouse Should Know About Finances," Rachel Rosenthal, Oct. 06, 2013

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