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Expert gives divorcing parties tips about property division

Divorce is usually a harrowing experience for both parties. Emotions typically run high because the parties involved are being forced to make some hard decisions about their futures. Most important are the decisions that affect the children. Which party will become the custodial parent? Which party will be responsible for providing spousal and child support? Those are just a couple of the decisions that can cause anxiety for divorcing spouses.

Recently, a financial advisor based in Alice, Texas, offered up some nuggets of wisdom for people heading towards divorce regarding property and asset division. According to him, the first step is to begin gathering up information and documents, which will become crucially important during the divorce process. He says that getting all the pertinent data together in one place can help ensure that a divorcing party gets a fair shake when it comes time to determine things like alimony or even the amount of child support payments. Things such as tax return records and titles for homes and vehicles are invaluable when determining assets and property division.

Another good piece of advice is to understand your actual debt. Many times, divorced couples will have separate credit cards or other such liabilities, which may not be considered part of the shared marital debt. That's why a person heading towards divorce should request credit records of both themselves and their spouse. That way, they can go through each debt line by line and determine which of them are personal and which accounts were jointly accrued.

Divorcing parties need to understand that smart, well-considered decisions made prior to the actual divorce can save them headaches down the road with regards to asset and property division. Divorce modification proceedings and other hearings to adjust payment amounts required of the other party can be costly. It is best to get prepared now and have a solid foundation before the filing.

Source: Alice Echo News Journal, "Five financial considerations when you're going through a divorce" Paul F. Rycroft, Jun. 07, 2014

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