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Financial planning important when going through divorce

Texas couples who are thinking about divorce may know that it has a significant impact on finances. This is particularly true in that segment of the population over 50. U.S. divorce rates in the twenty years preceding 2010 remained essentially unchanged, but the divorce rate in those 50 and older has doubled.

Baby boomers are finding themselves in a financial situation they never expected. After years of marriage, they are living without the financial support marriage brought them. While both men and women have less expendable income after a divorce, women experience greater loss. Since many women have not worked outside the home, they suddenly find themselves in a situation for which they may be ill-prepared. One financial planner notes that changes, such as returning to work or selling a home, are common and difficult. It is necessary, he says, to be focused on finance during a divorce.

One of the first obstacles a divorcing couple faces is determining what constitutes the assets and liabilities that compose marital property. Assets include property acquired during the marriage and liabilities are the debts that were incurred. Some assets may be hidden, so doing research into bank,pension or retirement accounts is important. Having copies of income earned from employment, automobile registration, deeds and insurance policies help a spouse stay informed. Liabilities such as credit card statements and loan documents round out the picture.

Seeking the advice of an attorney who specializes in family law may be beneficial in protecting financial security after the divorce. Knowing what recourse is available at this time allows a spouse to come out of a divorce without the added burden of financial worries. An attorney may be able to help a spouse move forward with financial confidence.

Source: NASDAQ, "Keep an Eye on Finances During a Divorce", May 23, 2014

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