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What are the financial topics to explore before a divorce?

In many relationships, one partner tends to earn more. Though these couples may assume that they share the same viewpoints on finances, they may later discover that they do not agree on key points. Colorado residents who are contemplating marriage or are concerned about how a divorce could impact them are encouraged to have a frank discussion about financial matters.

One of the first topics is the role each partner envisions for him or herself. If one will be the primary provider, what role will the other spouse fill and will these roles be switched -- especially if the couple intends to raise children? Many primary wage earners want their partners to take an active role in financial planning and decision-making. Those who do so are in a better position to understand their financial position in the event the marriage ends. Along with these discussions, the topic of  a prenuptial or postnuptial agreement may be appropriate. 

Another potential pitfall is a partner's debt. Though the primary earner may consider paying down the other's student loans or other debt, financial professionals advise clients to proceed with caution. It may be more appropriate to establish retirement and other savings plans in order to obtain financial security. Likewise, when either aging parents need assistance or children come along, it is advisable to have a financial plan in place to meet these expenses before they become insurmountable.

Though it may seem counterproductive to have these types of issues resolved ahead of time, doing so may allow the couple to find common ground in their marriage. Furthermore, having a solid financial plan in place could ease settlement negotiations if a divorce becomes inevitable. Colorado residents who are unsure how to proceed in family law matters such as marital agreements or filing for divorce, may be best served by consulting with a seasoned attorney who can help provide advice tailored to each client's unique needs. 

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