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The intersection of money and divorce

On Behalf of | Dec 29, 2021 | High Asset Divorce

Money issues seem to rear their heads even when a couple is in a good financial place. There could be many reasons wealth becomes a contentious issue. It could be that some Texas couples don’t agree on what to do with the money — how it should be invested or spent. Finances can cause all sorts of problems, which may lead to other issues that can result in a couple ultimately being embroiled in a high asset divorce. 

Transparency is a key 

Both individuals should lay their cards on the line when they communicate about money issues. Professionals suggest all couples should clarify how they feel about money, what belongs to whom and who will be responsible for what financially. Some examples include the following: 

  • Who will pay which bills? 
  • Who buys groceries and supplies?  
  • Who is responsible for the upkeep of the home? 

Talking about how to handle money may help each party to feel on equal footing when it comes to finances. 

Outline goals 

It could actually be the beginning of a disastrous marriage if spouses have very different goals and ideas when it comes to finances. One spouse may like to save, while the other may like to spend. A big rift could ensue from this drastic difference, so these potential issues should be clarified and discussed with honest conversations, even though they may be difficult.  

Money is at the root of the dissolution of many marriages, even when there is enough of it. In some cases, it culminates in a high asset divorce, which can be extremely stressful and come with many more financial complexities than a typical divorce. It might be worth noting that this is one of the major reasons to have a prenuptial agreement. In any case, Texas residents who are in this situation should consider seeking independent legal advice on the best way to proceed. 

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