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Keep these financial issues in mind in a Texas divorce

| Feb 24, 2021 | High Asset Divorce |

There is no way to predict which marriages will last a lifetime and which will not. But once a couple decides to go their separate ways, numerous important issues must be resolved, especially concerning finances. Texas is a community property state, which means the court typically splits all marital property 50/50 in a divorce. However, what this means and the implications of it is not always what people think.

Many people mistakenly believe that they will simply be able to file for divorce, then get half of everything and move on in life with little to no legal complications. More often than not, this is not how it works. By keeping the following tips in mind, property division proceedings may be less stressful:

  • Make informed decisions.
  • Compile an organized portfolio of documents.
  • Do not wait until after filing for divorce to make a large purchase.
  • A willingness to compromise is helpful toward a fair settlement.
  • Accurately project future living expenses.
  • Do not hesitate to reach out for additional support.

Texas is only one of nine states that operate under community property rules in divorce. To obtain a fair settlement, it pays to learn as much as possible about property division proceedings before heading to court.

Protect financial interests

Lack of knowledge and experience can be a detriment when the ultimate goal is to protect one’s financial interests and obtain a fair settlement in a Texas divorce. So many issues, such as child custody, child support, alimony or property division may have a significant financial impact on a person’s post-divorce lifestyle.

It pays to consult with someone well-versed in Texas property division laws in order to make sure that a proposed settlement is fair and that it enables the spouse or parent in question to meet his or her family’s needs as everyone moves forward in life after divorce.