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Dividing retirement accounts, other assets can be tricky

| May 5, 2018 | High Asset Divorce |

When two individuals in Texas decide to get divorced, they may naturally be overwhelmed, not knowing where to start. After all, divorce is a complicated emotional process as much as it is a complicated legal and financial one, especially for those dividing large assets, such as retirement accounts. Here are a few tips regarding what to do and what to avoid doing during this type of family law proceeding in the Lone Star State.

First, being as cooperative and reasonable during the divorce proceeding when dealing with the other party can go a long way. The more that two spouses are willing to find common ground during the divorce process, the more likely they will be to end their marriage in a relatively amicable way. Meanwhile, an unwillingness to see the other side’s point of view will only lead to more conflict and stress in the short and long terms.

Second, it is best to avoid giving away property to relatives and friends during the divorce proceeding. Those who are going through divorce may be tempted to do this and then arrange to reclaim this property at a later time. The reality, though, is that hiding assets may mean that the other party can take one back to divorce court in order to settle these assets.

The dissolution of a marriage in Texas is never an easy process. However, it is an unavoidable one for those who can no longer reconcile their differences with their spouses. If two divorcing individuals can see eye to eye on matters such as alimony and the division of retirement accounts and other property, they can reach a settlement outside of court, thus avoiding further court intrusion. On the contrary, they will have to proceed to trial to have a judge make these important decisions for them if they cannot agree about what to do on their own.

Source: findlaw.com, “The Divorce Process: Do’s and Don’ts“, Accessed on May 2, 2018