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Avoiding financial divorce issues

Tuesday, December 12, 2017

Any divorcing couple will experience their own unique challenges as they proceed through the process. However, Texas residents are likely aware that one of the most consistent divorce issues faced by most people pertains to finance. Thankfully, there are several common pitfalls that can be avoided with appropriate forethought and professional support. 

Thinking ahead is not easy to do in a divorce situation, particularly given how emotionally charged a separation can be. However, it is vital to both parties to consider the future. It is important to create a post-divorce budget that takes into consideration a smaller household income and is sustainable over the long term. Retirement accounts, 401(k)s and even wills must also be considered and updated appropriately. 

While looking forward, it is important not to lose sight of the here and now. Valuing assets and determining who owns debt is important as part of the process as well. Depending on the state where the divorce is taking place, assets can be divided differently if they are marital versus individually owned. Having a comprehensive picture of all assets accrued during the course of a marriage is a good place to start the conversation about asset division. 

Divorce issues are omnipresent for almost everyone experiencing divorce, as Texas residents are keenly aware. However, with the right combination of professional support from a divorce attorney as well as planning on the part of both spouses, some of these issues can be avoided. It is hoped that in avoiding these potential pitfalls, both individuals can move forward into their single lives happier and more stable than they may have been in the past. 

Source: The Huffington Post, "10 Financial Mistakes to Avoid in Divorce", Karen Covy, Feb. 8, 2016

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