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A Texas divorce can be aided by financial planning

Friday, September 22, 2017

It's a widely-held truism that divorce is often related to money-related arguments on the part of both spouses. A Texas divorce can often be complicated, as both parties attempt to ensure they are getting a fair portion of the marital assets. It is important for these individuals to note that planning ahead for a divorce may be a great way to ensure everyone leaves the negotiating table happy.

In order to help the process along, it can be beneficial for both parties to have copies of pertinent documentation related to assets. This helps to clarify what assets were brought into the marriage by individuals, and which could be considered marital assets to be divided according to Texas law. In addition to this, closing joint accounts and opening independent accounts can also help to clarify these issues and make the division process faster and more efficient.

Divorce typically changes the financial picture for both individuals in a profound way. Where once there was a household benefitting from the finances and support of two individuals working together, there may soon be a single income. This can drastically change the way people live, so it is important to be prepared for this eventuality. Determining a budget moving forward from the divorce can help both spouses be prepared for this change in life.

A Texas divorce has the capacity to be a complicated business, but there are ways to ease the transition. Planning ahead in a financial way for the responsibilities and changes in life that divorce brings can be valuable to both spouses. The more they understand about their rights and responsibilities under state law, the more effective they can help the divorce process become.

Source: The Huffington Post, "Divorce Confidential: The Importance of Being Financially Savvy During Divorce", Caroline Choi, April 18, 2014

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