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How talking about money beforehand may prevent divorce

On Behalf of | Oct 25, 2016 | Divorce

When Ohio couples are getting married, they might not want to think about the fact that close to 50 percent of first marriages end in divorce. However, knowing about this possibility may lead to practical conversations about issues that often cause marriages to end such as money. Couples should have honest conversations about the assets they are bringing into the marriage as well as any debt and past bankruptcies.

Some people may be bringing assets into the marriage they want to keep in their own name, and there may be discussion of a prenuptial agreement. The couple should talk about a savings plan, a budget and whether they will pool their resources or keep separate accounts. They should talk about their insurance needs and how bills and taxes will be paid as well as whether they have a retirement account and what their plans for retirement look like.

Whether to have children and the impact that will have on lives and finances is another important conversation. One person might prefer to leave work to raise the children. Another consideration is how college tuition will be paid.

Even after conversations like these, marriages may fail, but the financial side of divorce may be particularly challenging for a spouse who has not participated much in family finances. They may be unaware of all the assets and debts in the marriage, and some spouses might even attempt to hide assets. People who are in this situation may want to gather as many financial records as possible, such as tax returns, bank statements, and any investment paperwork, and meet with an attorney to talk about their next steps.