A great deal of advice is aimed at Arizona spouses who are preparing to divorce. For those who are happily married, there is very little information out there to advise on the best way to protect one’s interests in the event that the marriage moves toward divorce. This can leave many people ill prepared to deal with the sudden announcement that divorce is on the horizon. The following tips are offered for spouses who are happy within their marriage, in the hopes that they remain so.
First and foremost, it is absolutely imperative that spouses play an active role in the family’s finances. All too often, one spouse assumes control of money matters, while the other takes on different responsibilities. While this can be a good division of labor for some families, there is no question that it can leave one spouse at a serious disadvantage if the marriage takes a turn for the worse.
Remaining involved includes having a firm comprehension of the income, assets and debt held by both parties. Spouses who have investments should understand how those portfolios are performing. Those with serious levels of debt should be informed as to how to those obligations are being handled as well as the timeline for paying them off completely.
In the best outcomes, spouses will never need to call this information into service. That said, divorce is not the only circumstance in which knowledge of family financials will be of assistance. For many in Arizona, having both spouses play a role in financial management will help in a number of ways. For those that eventually face divorce, both spouses will have the level of comprehension needed to make the best possible property division choices.
Source: The Huffington Post, “The Happily Married Spouse’s Guide to Divorce: Ten Tips for the Blissful but Prudent“, Stephen P. McSweeney and Tara Jones Willecke, Nov. 12, 2015