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Protecting finances during divorce important for men and women

Today, many women who are married in Texas have a large number of assets and their own high incomes. In some cases, they have more than their husbands have. A few tips may help individuals -- not only women but also men -- to protect their finances if they are planning to get a divorce in Texas.

First, it is wise for people to talk openly with their spouses about their financial issues. This includes asking questions and being as upfront and open as possible. Not knowing about the family finances may have major long-term consequences following the dissolution of a marriage.

It is also expedient for a person who owns a business to ensure that his or her business is divorce-proof. The odds are that the business owner has devoted many hours of hard work and education to building his or her business. One way to protect the business is to address it in a postnuptial agreement, which spells out who gets to keep which assets if a couple decides to get divorced.

If a person in Texas chooses to create a postnuptial agreement, a lawyer can help him or her to work out the details and then ensure that the agreement is legally executed, which is necessary for it to be considered valid. Although the divorce process can seem intimidating, an applied understanding of the law may help people to fight for their best financial interests during this type of family law proceeding. With proper legal guidance, divorcing individuals may still enjoy stable and secure financial futures even after divorce.

Source: nasdaq.com, "4 Tips for Women Who Earn More Than Their Husbands", Jeff Landers, Sept. 23, 2016

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Jamie Graham & Associates, PLLC
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