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Planning ahead for division of property can pay dividends

Sunday, June 24, 2018

Anyone who has been through a divorce is aware that asset division is one of the most challenging parts of the process. Texas couples considering divorce should be aware that division of property can be a complicated issue, and they may benefit from coming to the negotiation table prepared. There are several things to consider ahead of a divorce proceeding in which property division will be an issue.

To begin, it can be helpful to assess individual and marital assets alike. Marital assets are generally considered to be assets and property accrued once the marriage is underway, with everything individuals bring to the mutual table being considered individual assets. This goes for debt as well -- debt accrued while married is a joint responsibility, while debt from before the wedding is the responsibility of the individual. Having a top-down view of how these assets are currently divided before the divorce can save time later on.

Additionally, shared property may end up being sold as part of the divorce agreement. If this is the case, it can be beneficial for individuals to look into what that will mean for property tax payments and other previously mutual responsibilities. Evenly dividing these responsibilities can go a long way toward reaching an equitable divorce agreement.

It's not easy to split belongings down the middle, as some Texas residents have discovered through their own divorce proceedings. Division of property can be emotional and difficult, but it is a necessary part of the process. Being as prepared as possible for that transition can help both individuals approach it with clarity and purpose.

Source: investopedia.com, "How To Manage Your Finances Through A Divorce", Leslie Kramer, May 16, 2014

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