Living through a divorce can be a trying issue. Texas residents understand that to divide assets and debts is one of the most stressful experiences in a divorce situation. Thankfully, there are ways to think about these issues that highlight what is most important to deal with immediately.
Right out of the starting gate, retirement funds must be considered. Retirement funds are one of the most important elements of any savings plan, and, if a spouse’s company puts funding toward retirement, it should be immediately determined who will be the recipient of the benefits. Otherwise, both spouses could be in situations in which the benefits are transferred to a former spouse years or even decades after a split.
In addition, other assets must be considered. Physical assets are often highly valued and regularly considered, but assets of a more ethereal nature tend to be forgotten. Thinking about intangible assets like retirement and investments can mean the difference between retaining these assets and losing them during divorce proceedings.
Divorce is not easy, least of all when it comes time to divide assets. Texas residents understand that dealing with these issues ahead of time and in calm, composed manners can make huge differences in how divorce plays out. Ultimately, the goal is to ensure both parties can move ahead independently into happier, healthier lives, and, of course, the best way to reach that goal is through informed discussion during the divorce process. In this way, both individuals can reach an equitable solution and move forward with confidence.
Source: Forbes, “5 Things You Need To Do After Getting A Divorce“, Mark Eghrari, Feb. 26, 2016