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Financial information important to collect when starting divorce

Those beginning the process of ending a marriage in Texas may understandably be confused about what to do first and how to proceed thereafter. After all, divorce features many moving parts, with spouses' financial situations being on the line. A couple of tips may help those going through divorce to navigate these types of family law proceedings successfully.

First, the division of debts and assets is a particularly important part of the divorce process and thus requires thorough preparation. First, collecting bank account, non-retirement account and retirement account statements can be helpful. It can also be expedient to find out real estate values and how much debt remains between the two parties.

In some cases, spouses are able to find common ground when it comes to splitting their assets and debts. They can simply go through divorce mediation or negotiations to work toward a divorce settlement that satisfies both parties. The benefit of these processes is that they are usually faster and more amicable than traditional divorce litigation.

If two spouses in Texas cannot see eye to eye on issues such as the division of assets, they have no choice but to take their matters before a judge. A judge will ultimately determine how their assets are split and how other issues are addressed, such as spousal support. Unfortunately, the judge's decisions may not necessarily be what the spouses would have preferred. Still, in either situation, an attorney will push for the most personally favorable outcome for his or her client given the facts surrounding the divorce case.

Source: flagstaffbusinessnews.com, "Financial Considerations in Divorce", Jan. 18, 2018

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