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Address assets, retirement savings when drafting divorce order

The process of getting divorced naturally involves many emotions. However, it is essential that people not overlook critical aspects of their settlement agreements. A few tips may help people to effectively draft their divorce orders in the state of Texas.

First, it is wise to word one's divorce order to make sure that it provides access to the retirement savings of an ex-spouse. Pension funds are unable to enforce divorce orders that do not adhere to legal requirements. These orders have to specify that an ex-spouse is entitled to what is called a pension interest. Also, the specific share of that interest needs to be identified. It is also important to precisely identify the pension fund in the divorce order.

It is also wise to make sure that one's assets are thoroughly valued. A professional appraiser can be hired to perform an accurate valuation. In addition, it is not always wise to convert assets to cash, such as by selling shares in a stock that is rising or deciding to sell the marital home. Rather than liquidating assets, one may benefit more from transferring assets to an ex-spouse.

Understanding one's rights during divorce proceedings can have a major impact on one's level of personal success in this type of family law proceeding. A person getting divorced in Texas has the right to fight for his or her fair share of assets and seek his or her best interests when it comes to property division and other matters. If two people are able to find common ground, they may be able to reach a settlement without further court intrusion.

Source: destinyconnect.com, "Top tips for drafting a divorce order", Sept. 23, 2016

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