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How to protect one’s financial future during divorce

On Behalf of | Feb 26, 2023 | Property Division

Divorce can bring about conflicting emotions. Some may feel optimistic about the future. At the same time, they might also mourn their loss and what they thought the future held with their soon-to-be ex-spouse. But a Texas divorce is about a lot more than dealing with the emotions it provokes. Concern for property division and other issues often prompt concern about what lies ahead, and here are a couple of tips for protecting one’s financial future during the divorce process. 

Navigating property division during divorce 

In many instances, it makes sense to sell the marital home and split the profits. If one spouse wants to keep the home and buy out the financial interest of the other, it’s crucial to have a detailed understanding of that financial undertaking. In addition to buying out the other spouse, it’s important to factor in the cost of maintaining the home going forward, including the costs of utilities, property taxes, landscaping and other expenses. Without the other party’s income, the house may be too much of a financial drain to be worth it. 

In addition, before any property is divided, first take an inventory of all separate and marital property. It may even be helpful to bring in an appraiser or professional organizer as part of this process. Often, it may make more sense to sell certain items, such as valuable furniture or art pieces, while keeping heirlooms and other items that are cherished. 

How an attorney can help 

Figuring out how to split the money and other assets can seem overwhelming, especially when there are a large number of assets, especially high-value assets. A family law attorney in Texas can help a client obtain a fair divorce settlement, whether at the negotiation table or through the litigation process. The lawyer will focus on protecting the client’s interests while seeking a fair and comprehensive settlement of all material issues.