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Marriage and joint finances

In some Texas marriages, one partner handles the finances while the other spouse may be largely in the dark about such matters. While delegating based on each person's strengths is a good idea, this can end up hurting the less informed partner if a divorce occurs. Having some understanding of a couple's financial situation is beneficial whether a marriage ends or not.

Engaged couples might wonder about prenuptial agreements. These can often make dissolving a marriage much simpler, but ensuring each partner understands and accepts such an agreement is crucial so that no conflict occurs about the documents. Each party may need an attorney when signing a prenuptial agreement, and these documents are typically used when one partner has a business or significant assets or is expecting to inherit or be gifted large assets.

Incurring debt during a marriage could make it joint debt. This highlights why knowing financial details are important because one spouse may still be responsible for a debt after a divorce if the other partner does not make payments. Couples could be able to control what counts as separate and marital property by understanding Texas laws and talking about when to use joint accounts. When it comes to marital property, each party should know about any shared income, assets, taxes, retirement accounts and investments.

While concepts like separate and joint property might seem straightforward, complications may arise as a marriage goes on. This could occur when one puts joint money into a separate account or if marital assets are used to make improvements to one partner's home. A couple may disagree about what constitutes separate and joint property, and one may need legal counsel when sorting out issues like property division, child custody or alimony.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Turner, Bruce E.
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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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