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Advance planning can prevent divorce financial strain

When people in Texas decide to divorce, the process can be deeply emotional. However, the practical side of divorce, particularly the financial aspects, can linger on long after the emotional issues have been resolved. After a divorce, it is possible to recover and rebuild financial security and well-being. However, people can act in advance to protect themselves and prepare themselves for any potential future. When both spouses are involved with money management on a daily basis, this can prevent the confusion and problematic decision-making that can follow a divorce or even the death of a spouse.

According to one study, 80% of people who had not been deeply involved in their financial planning while married regretted that choice after their divorce. In addition, people with less financial experience also found it more difficult to rebuild their assets after the end of a marriage. Forty percent said that they were still working to recover financially from the split.

The vast majority of people say that they are involved in daily marital finances with 80% of both men and women saying the same. Many of them have learned lessons from earlier generations of couples who distributed financial responsibility less equally and suffered later. However, retirement planning remains an area where often only one member of a couple takes charge of the finances. Only 60% of married women said that they were involved in retirement planning. In a divorce, retirement funds are often divided almost in two, and both parties need to dedicate more efforts to rebuilding their savings after property division.

Staying involved with financial matters is important for all couples because these skills are also critical for widows and widowers as well as those who divorce. A family law attorney may provide advice about how finances may be affected by divorce and property division.

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