Jamie Graham & Associates, PLLC

Disagreements over assets, debts common during divorce

Battles over money are not uncommon during Texas divorce proceedings. However, if two people are willing to try to be civil and work out their issues, the divorce process can be much less stressful. A few tips may help people successfully address financial issues during this type of family law proceeding.

Some divorcing couples primarily argue about splitting debt, while other couples argue more about the division of assets. In either case, it is imperative to first list all assets and liabilities. The party responsible for each debt should be designated. If a person brought student loan debt into the marriage and still has it at the time of the marital dissolution, he or she typically continues to assume responsibility for this debt. It is not considered community debt, which both parties share.

Next, assets must be addressed. It is helpful to specify a value beside every listed asset. Any item that one person brought into the marriage, such as an antique from his or her grandparents, is not considered community property and is typically not subject to division as part of the proceedings.

The parties may begin the divorce process thinking it will be fair, but conflicts may arise as they start to decide on what assets are important to them. A working understanding of the law may help the parties to fight for their fair share of assets and avoid being taken advantage of during negotiations. Alternative dispute resolution options like mediation may help the parties address property distribution issues appropriately without further court intrusion in Texas.

Source: CBS Boston, "Breaking Up Is Hard To Do: Are You Splitting Assets Or Debt", Dee Lee, Aug. 16, 2016

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