Often, when a couple begins to talk about ending their marriage, the process of the breakdown of the marriage has been occurring for some time, whether each spouse realizes it or not. Many times, one of the spouses has already decided they want a divorce and has even put plans into place to protect their financial future, but has not shared those plans with the other spouse. This leaves the other spouse vulnerable when it comes to their financial future. This is a particular problem in high asset divorces.
Who Handles the Money?
It is not uncommon for couples to “delegate” to each other different chores or responsibilities. For example, one spouse may be the one that takes the lead on most of the home decorating decisions or oversees the majority of the couple’s social and family commitments. In most marriages, although one spouse may be the one “in charge” of the responsibility, the other spouse still has input.
This is especially true when it comes to the handling of marital finances. In many marriages, although the couple makes financial decisions together, the responsibility of making sure the bills get paid and watching over investments usually falls to one spouse. Although this system works for these couples, it can put the other spouse in serious financial jeopardy if the spouse who handles all the money decides to file for divorce.
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