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Financial issues in divorce

Texas residents who are considering a divorce should keep certain facts in mind regarding their finances. For example, they should make sure that they have knowledge of all of the marital assets. In some cases, spouses may attempt to conceal assets from one another. More commonly, people may not always be aware of the true value of their assets. It is important to remember that after tax, an asset like a retirement account may be worth considerably less.

People should be diligent about closing joint accounts and removing ex-spouses as authorized users on credit cards and as beneficiaries on life insurance policies and other accounts. Health insurance providers should also be notified.

Experts discourage people from dipping into retirement funds to pay off debt. Another common error is overestimating the value of assets or their upkeep such as a shared home. Finally, it is important to understand how state laws will affect filing. Things can become particularly complicated if divorcing spouses are in different states and each spouse tries to file.

Texas is also a community property state, and this means that marital property will be divided equally unless the parties can agree otherwise. Determining what is and is not marital property may be one aspect of the divorce. For example, a person may have recently received an inheritance and put the amount into their own account. In such a case, that inheritance might not be considered marital property. In a high-asset divorce, there may also be a prenuptial agreement, but these can be challenged in court. Child custody, child support and visitation are other issues that may need to be decided. A person who is thinking about filing for divorce may want to sit down with an attorney and discuss some of these issues before moving ahead with the process.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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