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Organize finances carefully during divorce

When Dallas couples consider divorcing one another, there are a lot of things they usually have to consider, such as child custody, alimony and property division. Many times, one spouse is in charge of the financial matters and when that spouse gives the other one financial information, he or she believes it at face value and does not personally check into matters. However, as the case of one woman struggling with her ex-husband's debt demonstrates, this is not the best way to go about the matter.

From the very onset of the marriage, it is best not to leave the finances to only one person in a marriage. Both parties should know about the family finances and make payments for credit cards together, so each party knows what is being paid off and what is being carried forward.

When a relationship has started to go downhill, spouses should take an even closer look at finances, check their credit reports and look for unknown accounts to make sure they know exactly where they stand. Divorcing couples also should never assume each other's debts or make payments on someone else's behalf, especially if they have not checked the financial situation out themselves, as it may end up pulling them into debt for someone to whom they no longer married.

Couples going through a divorce may already be going through a contentious time, with emotions and tempers running high. Having to go through each other's financial decisions may add fire to the fuel and Dallas residents may want to consider consulting an experienced attorney to handle the complexities of the divorce and act as the middle man between the two parties.

Source: Fox Business, "Divorced woman still cleaning up ex's mess," Sally Herigastad, April 28, 2014

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