THE IMPORTANCE OF PLANNING DURING A DIVORCE

On behalf of The Law Offices of Mary Ann Beaty, PC posted in Divorce on Wednesday, February 26, 2014.

The decision to live with a partner, the planning of a marriage, the choice to have a family and the decision to get a divorce are all major events that require a lot of thought and planning. When a couple in Texas reaches the conclusion that it is best for them to dissolve their union, it is crucial that they incorporate all the details of their marriage when finalizing a divorce. This could make the property division process go much smoother.

Because most divorcing couples are concerned that the process will be expensive, it is important that each spouse focus on the issues at hand. This often means understanding the necessary steps. When a couple has obtained a significant amount of property and assets, this can complicate the process. Although complex property distribution could take much longer, if the couple is able to individually itemize property and then collaborate and determine what is marital property and what is separate property, the process could go much faster.

Unfortunately, due to the emotions caused by the split and the process itself, the soon-to-be ex-spouses often find it difficult to put aside their differences and work together. If this is the case, spouses can still take initiative and carryout important steps.

In addition to itemizing their property, individuals can protect their assets by opening separate accounts, including bank accounts, investments, credit cards, tax returns and retirement accounts. Although some of these can still fall into the category of marital property, it is important to change names on account and close joint accounts. This could help each spouse begin to maintain their own source of money. In addition, this will assist during the divorce and post-divorce.

Although the divorce process could include numerous disagreements and disputes, it is important to remember that property division should essentially be fair to both parties. Those struggling with the process may want to get more information about alternatives or specific steps they can take to ease the process so they can reach a divorce settlement.

Source: Go Banking Rates, “How to Perfectly Plan Your Divorce to Protect Your Assets,” Amanda Garcia, Feb. 23, 2014

2017-09-06T16:08:35+00:00 February 26th, 2014|Divorce|