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Financial planning can help mitigate divorce issues

Saturday, May 27, 2017

Divorce can be a complicated process. Texas residents know that divorce issues can take many forms, but one of the most common is the financial implications of a separation, from property and asset division to splitting debt. Preparing in advance for a divorce should include financial planning to help avoid potholes during the divorce process.

Arranging paperwork can be a tedious process, but it is vital to the divorce process. Even in uncontested divorces, it is quite common for both parties to be asked to provide a financial inventory -- including bank statements, tax returns and other paperwork. If each individual comes prepared with this information in hand, it can help to speed up the process and make it easier to determine who is responsible for what debt, and how assets should be divided.

Satisfying as much mutual debt as possible prior to a separation can also help to simplify the process. Ensuring each individual understands what personal debt they will need to take with them on the way out is also important. Ultimately, considering all the questions that will arise and doing as much as possible to prepare to handle what their answers will require can make a huge difference in pushing a divorce settlement along.

Texas residents understand how complicated divorce issues can be. The complication can be mitigated simply by planning ahead and understanding the requirements of the process. If both individuals work separately and together toward this degree of preparedness, it can be of huge benefit to both parties in starting their new lives as individuals.

Source: The Huffington Post, "Sudden Wealth From a Divorce?", David A. Dedman, Aug. 21, 2014

Source: The Huffington Post, "Sudden Wealth From a Divorce?", David A. Dedman, Aug. 21, 2014

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