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Being financially savvy may help in a divorce

When Texas couples first get married, divorce is probably the furthest thing from their minds. It is important, however, for people to work on gaining solid financial skills from the start of their marriages so that they will be better able to handle divorces if they do happen.

In many marriages, the duties are divided up between the spouses. When one spouse handles all of the finances, leaving the other one largely in the dark, the spouse that doesn't deal with the day-to-day finances may be handicapped in a future divorce. It is important for both spouses to make certain that they understand the financial picture of their marriage and how basic tasks, such as paying bills and budgeting, are handled.

In addition to getting a good picture of the financial health of the marriage, people should also work hard to save often and early. A person who has a 401(k) offered would be wise to take advantage of it, making maximum contributions if possible. By building a retirement nest egg and making a habit of saving, people may be better prepared in the event they must learn to live alone again.

While people might view planning in a manner to protect themselves financially in case they divorce to be distasteful, it is a smart thing to do. It could also may help make marriages stronger, helping to lessen the likelihood that divorces will happen. If it dissolves and the end of a marriage is looming, people who have financially prepared may be better able to handle the potential financial storms they might otherwise face. Those who are considering filing for divorce may want to get advice from a family law attorney in order to better understand how it might impact them financially.

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Teller Law Firm, P.C.
4100 Heritage Avenue, Suite 104
Grapevine, TX 76051

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