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Financial accounts part of property distribution

Over the past decade or so, the average age when a Louisiana couple decides to marry has increased. There are many reasons for this increase in age, including the desire to become established in a career first and the increase in couples who decide to live together first. In addition to the decision to wait longer before tying the knot, fewer couples are deciding to divorce. This increase in age and career growth typically results in greater concerns when it comes to property distribution.

While the trend towards divorce may be on the decline, there are still many individuals who realize that they have made a mistake. In some cases, this mistake is easily corrected, the couple parts ways and continues on with life. However, for other couples, this mistake now entails numerous financial obstacles and concerns in addition to the emotional turmoil.

Older couples often recognize the need to pay close attention to the financial aspects of a divorce. For these individuals, retirement accounts and property distribution settlements are crucial. However, many younger couples are also discovering that they need to pay attention to these items as well.

While the retirement account of an individual in their 20s or 30s may not appear to be that valuable, its worth will multiply over time. If managed correctly, what begins as a small nest egg will eventually turn into a much larger one. This is something that needs to be taken into consideration in deciding who gets what when it comes to the property settlement.

Every day, Louisiana couples decide to divorce. For many, this is an emotional decision. However, in the midst of the hurt feelings and shattered dreams, one needs to also be practical and look at the financial aspects. An experienced attorney can help one analyze the various assets that the couple has and decide the most prudent property distribution for his or her client's best interest.

Source: tnledger.com, "Think long term when divorcing in 20s, 30", Hollie Deese, March 3, 2017

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