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

Wednesday, July 18, 2018

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.

Quite often, sentimental value is ascribed to a particular asset or piece of property -- a favored car, for example, or a family home. In these cases, the value placed on the property by one party might not match the market value a court may refer to in terms of asset distribution. It is important for both spouses to remain as impartial as possible when it comes to such properties, as the cost of retaining control of it might outstrip its actual value.

In some cases, a collaborative divorce can be helpful for individuals working together to divide assets. Such a divorce allows both parties to meet with their attorneys and a team of neutral advisors to work together to split assets instead of fighting over them. Obviously, such a course of action isn't for everyone, but it can help speed the process toward a comprehensive divorce settlement.

Division of property is just one part of the larger framework of divorce, as many Texas residents understand. However, it is an important one to consider in advance. The more a divorcing couple can be prepared for the potentially complicated process of dividing property and assets, the more likely it will be for those individuals to reach a mutually beneficial agreement.

Source: marketwatch.com, "Divorce isn't just about the money grab", Larry Stein, July 28, 2014

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