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Financial issues that may lead to marital problems

For couples in Texas and throughout the country, differences over money is one of the main causes of divorce. First marriages end in divorce almost half the time, and it is even more likely in second and third marriages. By discussing money matters prior to marriage, people might be able to reduce the chance that arguments over finances will land them in court.

One of the first things couples should discuss is their debts and assets. They should share credit ratings and whether either has ever declared bankruptcy. They should discuss any potential inheritances and whether they would prefer to keep them in their name as well as whether a prenuptial agreement might be a wise idea.

The couple should talk about how they view saving and budgeting and how they plan to handle taxes and bills. They should discuss plans for children, whether one of them will take time off to raise them and how they plan to fund their education. They should also talk about what kinds of insurance they might need and whether they have retirement or estate plans. If either has children from a previous relationship, they should discuss how property might be shared between the children and the current spouse.

Despite discussions of this nature, a marriage may still break down. If one or both individuals owns a business or if the couple has many assets such as real estate and investments, then they could be facing a complex divorce. Since Texas is a community property state, whatever is determined to be marital property is supposed to be split equally unless the couple can otherwise agree. Accordingly, spouses may opt to try to negotiate property division with the help of their respective attorneys rather than having a judge make the decisions.

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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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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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