One of the biggest sources of concern for Texas residents who divorce is how their finances will be affected. In addition to having to rely on one income to pay for bills, people end up having to split up all marital property, including bank accounts, automobiles and investments. Over the course of a marriage, couples will often have accumulated a number of valuable assets, and these items will need to be given a value and divided during a divorce.
This can be challenging, especially if certain items do not have an obvious value. It is quite easy to determine how much an investment or bank account is worth, but antiques and jewelry may require an appraiser. Even things like air miles and credit card rewards need to be split up, and many times items like these do not have an apparent cash value. In these cases, it is up to the divorcing couple to come to an agreement on how much something is worth.
It is important that people are in the right frame of mind when they enter into these types of negotiations. If someone is emotionally attached to an item, or has specific plans for it, they may end up agreeing to a value that is much more than what it is worth. Individuals should set their feelings aside to ensure their spouse does not take advantage of them.
Dividing assets during a divorce can be an emotional and difficult process, but it is important people end up with an equitable portion of a couple’s property. A lawyer could negotiate on someone’s behalf and let them know what their rights are according to state law.
Source: Forbes, “Divorce: Who Gets The Air Miles?“, Jeff Landers, June 26, 2013