When it comes to divorce, there are often numerous decisions that need to be made. Financial and property division decisions can be some of the most significant for the Texas individual. These decisions often affect the individual in both the long and short term.
Decisions regarding how retirement accounts should be divided can be a challenge. These accounts typically hold considerable assets. Additionally, they are often invested in areas where selling may not be a wise idea at the moment. They are not as accessible as other types of accounts and often come with penalties and other consequences if accessed at certain times.
Depending upon the individual’s age, there may be tax penalties associated with cashing out retirement accounts. Once the couple has negotiated the best way to divide these accounts, they will need to wait for the appropriate judgment to be issued before steps can be taken to transfer them without tax penalties. It is often best to work with one’s attorney and financial advisor to avoid these problems.
Debt is another financial concern that the individual will want to be mindful of. Debts that the couple occurred during the marriage will most likely be divided as part of the property division process. However, debts occurred prior to the marriage may be treated separately. One will want to keep an eye on bank accounts to see how payments are being handled during the divorce process.
Property division can have a lasting effect on the individual when the Texas couple decides to divorce. In many cases, the individual will need ready access to liquid assets in addition to money in the bank for a later date. An experienced attorney can assist with the negotiation process.