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Division of property should be considered before divorce

Wednesday, June 20, 2018

It is not always easy to consider the financial implications of a divorce during the process, as emotions tend to run high, and the process can be challenging from that perspective. However, as some Texas residents are aware, division of property is also one of the most important aspects of a divorce agreement. Therefore, it can be helpful to do some advance planning when it comes to individual and shared finances ahead of filing for divorce.

It is important for both parties to have a clear and accurate understanding of their financial situation, both their own and each other's. Sometimes in divorce, individuals will be dishonest about their assets or income in an effort to control the level of child support or alimony they are required to pay. Knowing one another's finances in whole can limit the capacity for such dishonesty. Additionally, it can help form an accurate picture of what marital assets will be split.

Dividing assets is not always as clear-cut as it appears, however. The tax implications for different kinds of assets and property can be vastly different from one another, even if both assets are of a like value. For example, the taxation of a house is very different from taxing a 401K. Learning more about tax issues ahead of the divorce can be helpful in preparing both parties for what's to come.

No one enters a marriage expecting it to end in divorce, but here in Texas, that result is all too common. Division of property, child support and other issues are all very important to this process and should be given due consideration. Seeking support in handling these issues before approaching the settlement table can help expedite the process.

Source: yourhoustonnews.com, "Financial items to consider during a divorce", Byron W. Ellis, June 21, 2014

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