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You must understand your finances during divorce

When you file for divorce, you know that you and your spouse need to disclose your assets and split them up. But how can you possibly do that if you're not even sure what assets you have to begin with?

It may sound obvious, but it's one of the most common mistakes people make. Their understanding of their own financial picture, as a couple, is just too limited. They don't know what is fair, they have no idea if their spouse is hiding assets, and they take a massive risk.

It often happens when there isn't a fair division of labor during the marriage. If your spouse earned the money, paid the bills and applied for the loans, while that didn't make you an unequal partner in the marriage, it did leave you with an unequal understanding of the finances.

You need to learn everything you can before you file, allowing you to prepare. Check out online bank statements. Take a look at tax records. Get copies of important documents.

"If you think you're going to file for divorce," one financial expert said, "first take a couple of months to be a sleuth. Open up those letters from the bank and find out what's really going on."

This is not a risk you want to take. You need to know where you stand so that you really get your fair share. Don't miss out just because you decided to rush through the divorce without taking the time to investigate. Make sure you know exactly what legal steps to take and what rights you have.

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The Springer Law Firm

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Katy, TX 77450

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