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How financial decisions can impact a divorce

A divorce can be complicated for emotional factors, but many couples may find it especially difficult to deal with separating finances from the marriage. While no couple gets married assuming that it will end in divorce, it can be beneficial to consider how financial decisions could impact a couple should they ever divorce. Many Maryland couples may wonder if it is beneficial to keep their finances separate for this reason.

There are many differing opinions on how couples should plan their finances when considering marriage. By keeping separate finances, it would make it easier during a divorce. Some financial experts cite the fact that it is easier and more simple to keep separate banking accounts, especially for couples who have been financially independent for several years.

Still, others claim that joint finances is key in a marriage. By combining monetary resources, a couple can work together to make major decisions. The downside to this is that, should a couple divorce, it is more complicated to divide money, accounts and assets. The best option will depend upon the couple. No matter how a couple decides to handle finances, it is important to have a legal agreement outlining important financial details.

Finances can be one of the most complicating factors of a marriage, and it is one of the most highly contended aspects of a divorce. A prenuptial agreement can be a simple and legally binding way for couples to have more control should the marriage end in divorce. These agreements should be carefully drafted and can include any important details per the wishes of the Maryland couple.

Source: wsj.com, Should Married Couples Keep Their Financial Assets Separate?, No author, March 16, 2014

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