Know Thy Marital Finances Before Divorce
CNNMoney serves up some good common sense tips for handling financial matters in Protect your wallet in a divorce. Most of these tips are pretty good ideas throughout a healthy marriage.
Marriage is, in part, an economic / business partnership. Marriage partners should be as well-informed about the financial affairs of the marital partnership as business partners need to be about those of the business partnership.
If a partner is not forthcoming, whether because of misdeeds or control-itis, that is a warning sign of an unhealthy partnership, marital or otherwise. Knowing the finances beforehand is the very best way to ensure an equitable distribution of marital property.
The article also serves as a valuable reminder to update wills and trusts and insurance policies promptly after divorce. Too often, people put this off – until it is too late.
