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Be aware of potential financial divorce issues

Wednesday, July 18, 2018

It is no secret that divorce can be financially challenging. Finances and division of assets and debts are among the most common divorce issues faced by couples in Texas and elsewhere in the country. Foreknowledge and an understanding of how these issues can affect a divorce and both individuals' lives once the divorce is finalized is critical in approaching these issues proactively. 

A solid knowledge of where both individuals stand financially is a good place to start. Taking stock of personal debts is important because even if a divorce ruling requires one individual to pay down the credit debt of the other, the individual whose name is on the card is still responsible for the minimum payments. If the spouse who is required by the court to pay does not do so, it can affect the other spouse's credit. 

Quite often, people have complicated financial situations, especially as they approach a divorce. Seeking out the support of qualified professionals to help sort out the complexities of money issues can be a good move for a lot of people. The specialized knowledge of financial advisors and qualified divorce attorneys can be invaluable in the divorce process. 

While financial issues are by no means the only divorce issues Texas residents can expect to encounter over the course of divorce proceedings, they are certainly prevalent. Seeking out support from qualified sources can put both individuals on the path to happier lives. Limiting roadblocks along the way makes a divorce process potentially faster and easier to get through for all involved. 

Source: The Huffington Post, "8 Tips to Keep From Being Taken Advantage of Financially in Divorce", Karen Covy, Jan. 29, 2016

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