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Financial steps to consider during Texas divorce

Tuesday, June 27, 2017

The financial terms of a divorce settlement are among the most important stipulations to an already-challenging life process. For residents of Texas, divorce can be a difficult, acrimonious battle, especially if children are involved. This is why it is so important for both parties to seek support to determine what their best steps will be to secure their individual futures once a settlement has been reached. 

Some couples are able to negotiate a reasonable or fair split of their shared marital assets in a divorce situation. However, this process is not always smooth for every couple, especially since it can be difficult to plan for the future when an individual has become accustomed to a dual income and the budgeting acumen to go with it. Having a full financial picture of the couple's assets and debts can go a long way toward efficient planning for the division of those assets and debts. 

It is also important to consider existing documents that may need to be changed. Beneficiaries of health insurance or life insurance may need to be updated, as might wills and other such documentation. Doing this ahead of time can be helpful in moving the divorce process along. 

A Texas divorce is not a one-size-fits-all process. It is important for both parties to understand their rights and responsibilities before approaching the negotiating table. A full understanding of what will happen next can mean the difference between a drawn-out battle and a relatively quick and simple divorce settlement. 

Source: hcplive.com, "Going through a Divorce: What Now, Financially?", Bill Schu, Sept. 17, 2015

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