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Understanding finances can help to protect future post divorce

As a general rule of thumb, it is a good idea for married individuals to be prepared for when they may eventually be single due to marital dissolution. This is important given that research indicates that more than 40% of marriages end in divorce. Here is a look at a few pieces of information that individuals should ideally know before getting divorced in Texas.

First, it is paramount that married parties understand what they and the other party own and owe. For instance, two parties might both own the marital home. However, only one individual may own the car. Likewise, the two parties might have their own separate debts or share certain debts.

The state of Texas is a community property state. This means that all assets acquired during marriage must be split down the middle during the divorce process. In addition, any co-signed loans will be the responsibility of both individuals.

Second, it is important for people to understand how much they have in their retirement accounts, such as their 401(k)s before getting divorced. In the same manner, it would be wise for them to understand what makes up their investment portfolios. Knowledge of their investments combined with their individual incomes may help them to determine the types of lifestyles they can maintain following divorce.

Navigating the divorce process in Texas can no doubt be daunting, especially for individuals with substantial assets or high-value assets. However, an attorney can help divorcing individuals to make expedient decisions regarding the division of their assets as well as issues such as spousal maintenance. The attorney will make sure that the client's rights and best interests are protected each step of the way in the Lone Star State.

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