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Protecting assets can cause divorce issues

Saturday, May 27, 2017

It is widely and correctly believed that everything matters when it comes to the particulars of the end of a marriage. Texas residents who have experienced divorce know that every element of the process, including asset division, can cause profound and far-reaching divorce issues. However, a number of pitfalls can be avoided with forethought and with professional support. 

Taking the time to take full stock of all marital assets is a good place to start. While this is not true of all divorces, sometimes one or both spouses are less than honest with each other about what they have accrued, and they may even try to siphon off joint assets in secret. Building a comprehensive understanding of the couple's shared assets is valuable even in cases where the couple is still on friendly terms. 

In the same vein, joint accounts and other shared beneficiary designations can become a major problem as the divorce proceeds. It is a good practice to establish separate accounts and re-visit 401(k), retirement and benefits issues sooner than later in order to begin the process of separation. Otherwise, financial issues can become even more complicated than they need to be. 

Divorce issues take a lot of forethought to prepare for and address, but Texas residents with experience understand how vital that forethought can be. Couples who approach the divorce process with a full understanding of their rights and responsibilities, as well as having prepared in advance, may find themselves in a better position when it comes to finding a relatively quick and efficient resolution to their divorce. This can in turn put both individuals on their way to happier lives. 

Source: cnbc.com, "Breaking up is hard to do: Protecting assets in divorce", Kelli B. Grant, Jan. 17, 2016

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