It’s no shock that divorce in Colorado can dramatically affect the financial status of individuals. A couple who works together to support their lifestyle is often hit hard when they must try and do so solo. According to experts, the biggest surprise most often comes to women who give their husband most of the control over the investments and other finances.
A study by the National Center for Family and Marriage Research indicates that more and more couples are coming to face these very issues. As such, financial advisors are encouraging women to stay in control of their marital assets so that they can be better prepared when it comes to the division of marital property following a divorce, and so that they aren’t blindsided with liabilities that they never knew existed.
This advice has been extended to all women, regardless of whether or not their marriages are even in jeopardy. In fact, reports indicate that the vice president for Merrill Lynch Wealth Management believes that in order to retain her property should she get divorced, a woman should keep assets in her own name after marriage.
For some, not putting their husband’s name on the house, for example, may seem like a negative thing to do, or may be the cause of opposition due to social conventions. However, experts believe that this is a smart way to protect oneself and their future.
If you are facing divorce and want to properly and fairly divide your property, turning to a family law attorney is a positive first step.
Source: Financial Advisor, “Women Need Advisors’ Guidance Before Divorce Strikes, Expert Says,” Karen Demasters, Sep. 16, 2013