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August 2014 Archives

Wednesday, July 18, 2018

Financial planning can help mitigate divorce issues

Divorce can be a complicated process. Texas residents know that divorce issues can take many forms, but one of the most common is the financial implications of a separation, from property and asset division to splitting debt. Preparing in advance for a divorce should include financial planning to help avoid potholes during the divorce process.

Divorce issues can include hidden assets

Asset division can be one of the most challenging parts of any divorce. Texas residents who have experienced divorce know that, of all the divorce issues that can arise, ones to do with children or money tend to be the most contentious. This is particularly true in cases where one or both spouses attempt to hide personal assets in the interest of avoiding having to submit them to the division process.

Division of property can be influenced by mortgage rules

Obviously, splitting assets can be a contentious part of the divorce process. Texas residents can attest that the division of property is one of the most complicated parts of any separation agreement, and this is doubly so in the case of couples who do not own large assets like their home outright. The terms of a mortgage note can play a major role in how couples divide their home.

Dealing with divorce issues ahead of time can be helpful

It is a fair statement to make that few people enter a marriage hoping or expecting it to fail. However, as Texas residents are keenly aware, divorce is an ongoing reality in the American way of life. That doesn't mean, however, that a marital separation needs to be a battlefield -- with some preplanning and mutual understanding, the process can be streamlined somewhat by avoiding or mitigating some common divorce issues.

Keeping in mind division of property is a key to a Texas divorce

Divorce can fracture families and relationships, but it is also important to remember the financial ramifications. Division of property, as many Texas couples are aware, is a fundamental part of many divorce cases and, sometimes, can be among the most contentious. Understanding the importance of this element of a divorce case ahead of time can only benefit both spouses.

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