Prevent money trouble post split by being involved in marriage

Finances is one of the most important concerns when Tennessee couples get divorced. Recovering from the financial hit divorce often brings can take a while. One way to make this easier, however, is to be involved in all decisions made about finances during marriage.

According to a study by Fidelity Investments, it takes about five years for people to recover emotionally and financially from divorce. However, people who were not actively involved with their finances during marriage can take much longer than that. For some, the divorce process brings financial surprises, with 14% of people discovering debt they were unaware of and 10% finding out about assets they did not know existed.

To avoid the financial surprises that can arise during the division of property in a divorce, experts recommend being aware and involved with all aspects of finances during marriage, including long-term planning, such as investments and retirement accounts. Both spouses should be knowledgeable about account balances, debts and income tax returns. As well, couples should communicate often about finances and both should be involved in major decisions such as buying a house. Finally, couples should be realistic about finances and how they can change during the life of a marriage. They should also think about how money would be handled in case of a divorce in the future. For this, it is recommended they get a prenup or postnup, which can set up the terms of separate property and how certain assets will be handled if the couple does break up. They can also use trusts to keep some assets separate.

If couples do decide to divorce, they might each seek the guidance of a lawyer with family law experience. A lawyer may be able to provide answers to legal questions, help their client design a divorce strategy and post-divorce plan and represent their client at court and in negotiations.

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