Texas couples and others between the ages of 18 and 53 may be more likely to get divorced if they took on debt to have a wedding. That was according to a survey conducted by LendingTree. The survey found that 45% of respondents said that they went into debt to get married, and nearly half of those who did so got divorced. Of those who didn't borrow money to have a wedding, only 9% said that their marriages eventually came to an end.
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.
When people in Texas decide to divorce, they may face a difficult period not only on an emotional level, but also on financial and practical levels. Ending a marriage is also a complex legal process, especially when it is a high-asset divorce involving the division of extensive marital property. Retirement funds often comprise a married couple's largest assets. They can often exceed even the value of the marital home. In most cases, at least a large portion of a 401(k) or another retirement fund will generally be considered marital property.
The decisions made during a divorce in Texas and around the country often have profound consequences. When the assets involved are complex and their division could have far-reaching financial ramifications, it may be wise for divorcing spouses to seek the advice of professionals with experience in this area. Consulting a certified divorce financial analyst may be a particularly prudent step to take for a spouse who did not play an active role when business and investment decisions were made and could otherwise be at a disadvantage during property division negotiations.
Placing a value on marital property in a high asset divorce can be a difficult process, and property division negotiations may become particularly contentious in states like Texas that have community property laws. Experts are often called in to determine how much rare artwork is worth or what classic automobiles would sell for, but placing a current value on retirement accounts can be even more challenging. Pensions are paid for life, which means their value is dependent on how long the person receiving benefits will live and how much the benefits they receive years or decades from now would be worth today.
When Texas couples decide to divorce, they may be concerned about taking a credit hit during the property division process. Marital status is not a factor considered by the credit bureaus, so a divorce itself would not necessarily damage each individual's credit rating. However, joint accounts and the process of dividing assets and debts can pose some unique challenges. In general, spouses agree as to how different assets and debts will be handled in the divorce, and one ex may be given responsibility for paying off a joint card.
Texas residents could put their retirement and financial future at risk by getting a divorce. One woman says that she lost nearly $1 million in retirement savings after she divorced her husband after 15 years together. A series of events after the divorce required her to spend about $200,000 in legal fees, and the woman claims that the money could have grown to $1 million if put into a retirement account.
Business owners in Texas and around the country often invest a great deal of time and money into their companies. When an owner finds himself or herself faced with a divorce, the future of the business is often a significant concern.
There are a lot of misconceptions about divorces involving wealthy couples in Texas and other states. One of the most common myths is the belief that only men hide assets to prevent their ex-spouses from getting their fair share. While hiding assets is a problem that happens in many divorces, it's not just men who do it. As the balance of earning power shifts in American households, more and more wive are trying to prevent their money from being distributed evenly.
Some Texas couples have a desire to kick off their married life together with the perfect wedding. While there is nothing wrong with this goal, a study conducted by a leading online lending marketplace found that going into debt to achieve it could contribute to the end of a marriage. The study was based on a survey of more than 500 Americans between the ages of 18 and 53 who were married within the last two years.