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Child custody, splitting of retirement accounts can be complex

| Dec 27, 2017 | High Asset Divorce |

With the holidays soon in the rearview mirror, some couples in Texas are ready to zoom ahead to divorce court. In fact, the first Monday in the month of January is often known as Divorce Day in the legal world. A few tips may help those going through divorce to be prepared for the multifaceted process, which may range from dividing retirement accounts to deciding about child custody.

First, the final paystubs of this year might provide helpful information for a divorce attorney while a spouse is waiting for year-end tax filing information, which likely will not come until January or February. The attorney can assess any monetary issues that might affect the spouse’s divorce case, specifically concerning alimony and child support. In addition to gathering paystubs, collecting bank statements, the tax return from the previous year and bills for credit cards may also be beneficial.

Second, staying off of social media may be a wise move. After all, anything posted online about the children or the money being spent is fair game during a divorce proceeding. Quick online posts that require little thought may unfortunately have long-term impacts on matters involving child custody or asset division, for example.

The divorce process in Texas can be complicated due to its emotional and financial aspects. However, if two spouses can find common ground at the negotiation table when tackling issues such as the splitting of retirement accounts, they can avoid further court intrusion, particularly since going to court can add stress to an already stressful situation. Negotiation can also be much more cost-efficient compared with traditional divorce litigation. An attorney can provide the appropriate guidance during every stage of negotiations during a divorce proceeding to make sure that one’s best interests are protected.

Source: huffingtonpost.com, “Top 5 Tips: How To Prepare For Your Divorce In The New Year“, Morghan Leia Richardson, Dec. 26, 2017