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Property division does not have to uproot financial future

A divorce can be draining -- emotionally, mentally and financially. While it is unhealthy to remain in an unhappy marriage, entering into the property division proceedings without a clear plan for the future can threaten financial stability. Texas residents who are contemplating a divorce may wish to make preparations ahead of time.

One of the first steps is to devise a budget. Take into account everything that will need to be acquired, such as a new apartment, car and necessary expenses that include health and other insurances. Furthermore, it is important to take into consideration the everyday expenses as well. It is suggested that one starts with the basic needs and then revises a budget periodically to include such things as retirement and savings accounts.

It may be helpful to devise a plan for divorce expenses early in the process. Keeping track of costs can help one stay on track financially. When it comes to dividing marital assets that include retirement accounts, it is important to understand the tax consequences of these divisions. It may also be beneficial for a lower-earning spouse to secure more liquid assets rather than retaining a house. Those who were married for 10 years or longer may qualify to receive a percentage of a former spouse's Social Security benefits, which may provide additional resources.

Other important considerations include closing joint accounts and ensuring that a former spouse pays off debt as agreed. Those with children may wish to settle the question of college tuition and other future expenses. It may be wise to include a provision for access to the former spouse's life insurance in order to ensure payment of support monies in the event one dies prematurely. Texas residents who are preparing for divorce may enlist the services of an experienced attorney who can ensure that the property division will protect their future financial needs.

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700 Central Expressway South
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Allen, TX 75013

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