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Financial concerns during a divorce

Many people who go through the divorce process act emotionally rather than rationally, but Texas residents considering a divorce can prepare and learn what to expect. It is important to think about finances and to get an understanding of marital property and assets.

Ideally, a couple could settle out of court and save time and money when creating a divorce settlement. To do this, both parties must agree on a plan that allows each person to be economically secure or as secure as possible after dissolving a marriage. To figure out how to give each person a strong financial footing, both parties need to know their assets and possible living expenses.

Assets include real estate, stock options, pension plans and investment accounts. Both people should know how much the items are worth and their associated tax costs when selling any items so that a fair deal can be reached when dividing items between a couple. When estimating living expenses, spouses should include how inflation could impact spending.

Aside from living expenses, there are other future concerns to prepare for. A divorce agreement could cover provisions for who will pay for what any children might need when growing up, such as medical costs or tuition. One or both parties may also need life insurance in the event that one party passes away so that this person's financial obligations are still fulfilled.

A high-asset divorce involves many important decisions, and one may need to consult an attorney when dissolving a marriage. A divorce lawyer may be able to discuss the terms of agreement his or her client wants to have in the divorce settlement and work to make sure those terms are included in it.

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