Married couples urged to get clued up on finance

A legal expert has urged married couples to make sure they are clued up when it comes to their joint assets and financial responsibilities.

Speaking to the Calgary Herald, Sharon Numerow, president of Alberta Divorce Finances in Canada, explained that in many cases one spouse takes care of the family's financial matters.

While this may suit some couples, it is important that both partners have a clear understanding of what assets they own, what debts they have and how much money is in joint bank accounts.

She explained that in the event of a divorce or the death of a spouse, a lack of financial knowledge could complicate matters immensely.

"When you're married, everyone has roles," Ms Numerow remarked.

"Unfortunately, when you lose your spouse or go through a divorce, the first issue is having no idea what the family assets or liabilities are comprised of.

"It's not a very good time to be making major financial decisions and unfortunately that's what they have to do," she stated.

Writing wills and prenuptial agreements could also make financial matters easier to deal with in the event of a death or separation.

Posted by Gemma Roskell

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Published on: September 13, 2010

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