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High Asset Divorce Archives

How divorce may effect finances in retirement

Some Texas women may want to consider keeping the home in a divorce even though this is not the advice usually given by financial professionals. The reason they advise against it is that it may be financially impossible to afford the home. A woman may be able to pay the mortgage but might struggle with the additional costs of maintaining the home including upkeep, insurance, taxes and utilities.

Prenuptial agreements for wealthy adult children

It's common for Texas residents to get married believing that they are entering a relationship that will last the rest of their lives. Unfortunately, divorce rates show that this is not always the case. Divorce takes on an extra level of complication for children of wealth. In many cases, it is beneficial for these individuals to create a prenuptial agreement prior to making their wedding vows.

Lack of financial knowledge may complicate a divorce

People over 50 are twice as likely to get divorced than they were in the 1990s, and this could lead to financial problems for people in Texas who have not been active participants in the household finances. According to a report published by UBS Global Wealth Management, 56 percent of married women allow their spouses to make major financial and investment decisions.

Financial steps to take before filing for divorce

When Texas residents are considering a divorce, there are steps they can take even before the process begins to protect themselves financially, particularly if they anticipate an acrimonious split. One of those steps is getting copies of all important financial documents and keeping them in a safe place such as with a friend or relative or in a safe deposit box.

Tips to gaining leverage in a divorce case

Those who are contemplating a divorce will need to protect their financial interests as the marriage ends. Texas residents can do this by learning as much as possible about their household finances. This will make it easier to negotiate a fair settlement with a spouse. If necessary, be prepared to take possession of any valuables that may be broken or otherwise damaged by a vindictive spouse. However, it is important to note that the other spouse could still be entitled to half of an item's appraised value.

Retirement accounts often divided in divorce

For people in Texas considering a divorce, the financial aspects of the end of a marriage can be complex and challenging. Retirement funds are often some of the largest and most important assets of a couple divided in a divorce settlement, and given the importance of these funds to the financial future of the spouses, they require additional attention. Different types of accounts can be governed by varying rules for division in divorce.

Reasons to keep some property separate in a divorce

Couples in Texas might want to consider creating prenuptial agreements or taking other steps to protect their finances in case of divorce. While some people might think these agreements suggest they are not taking the marriage seriously, they could actually provide valuable security.

Emotions trouble young divorcees more than financial hurdles

Although divorce at any age presents people in Texas with difficult feelings, younger divorcees report less social support from their peers when their marriages end. With the age of first marriage rising, people who divorce in their 20s typically do not have any friends who have been through the experience. Most of their friends have not been married yet, and young divorcees feel uncomfortable discussing their divorces so soon after celebrating their weddings. Despite the emotional difficulties, young people typically avoid the complexities of property division that stress so many of their older counterparts facing divorce.

Financial matters critical in divorce planning

For Texas couples whose marriages are ending, financial planning may be a critical issue. In cases where children are not involved, finances are often the most important factor. Divorce is about beginning anew, severing ties. When it comes to untangling the marital financial situation, each party should address funding the divorce and life thereafter. Awareness of a few financial planning strategies can help people handle the process.