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Advice on financial planning during and after a divorce

Texas residents may be interested in some advice regarding the economic situation after divorce. A financial planner gives some sensible guidance to those who weren't in control of the finances during the marriage. These tips may help to alleviate any fears that such a spouse has about their financial situation post-divorce.

After a marriage in which one spouse had managed the bills, investments and other financial matters, there can be some understandable fears on the part of the other spouse who has less knowledge of the couple's finances. Sometimes called the "out-spouse," this person may have great concerns about their financial future that are exacerbated by their incomplete grasp of the financial situation. Because of their experience handling the economic situation of the married couple, the "in-spouse" is generally more equipped to deal with the financial aspects of a divorce, such as property division or spousal support.

The financial planner gives three pieces of advice for out-spouses. First, they should be sure that they have a complete picture of the couple's financial situation. A forensic accountant may come in handy to figure out what assets are owned and what their actual value is. Then, they should be sure that assets gained in the divorce are adequate and liquid, through the help of a financial advisor if necessary. Lastly, the financial planner recommends that post-divorce life expenses are properly budgeted for.

The fear and uncertainty that comes with being an out-spouse, especially with regard to spousal support, may make the already emotional situation even worse. An attorney with experience in divorce situations may be able to help dispel these fears and ensure that divorce legal issues and post-divorce finances are properly taken care of.

Source: CBS News, "Divorce financial planner: 3 common fears", Robert Pagliarini, August 23, 2013

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