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How to decide which assets to seek in a divorce

In a divorce, marital property division is generally negotiated in a manner that is equitable to both sides. However, not all assets are equally valuable. For instance, Texas residents may feel like keeping a marital home is worthwhile because it means not having to move. However, it also means retaining responsibility for maintenance and upkeep as well as other costs related to owning a home.

If a retirement account is to be divided as part of a divorce, the account should be split in accordance with a court order. The only way to avoid paying a 10 percent early withdrawal on a 401(k) account for those under the age of 59 1/2 is to have a qualified domestic relations order. Even with a QDRO, individuals do not avoid the income taxes owed on the withdrawal unless it is rolled into another account within 60 days.

Those who will be receiving child support or alimony payments may wish to take out life insurance on the payer. As the beneficiary of the policy, the recipient will get his or her money even if the former spouse passes away. This may provide financial security for those who may rely heavily on that money to pay bills or meet other needs.

Division of marital property may be a major point of contention among those who are getting a divorce. However, having the assistance of an attorney may make it easier to come to a resolution in a timely manner. An attorney can review the case to determine how an individual may either protect property or get a larger share of marital property. From there, legal counsel may help an individual create an agreement that may then be made part of an overall divorce decree.

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