While a couple may feel relieved to finally be starting the process of divorcing in Texas, they now have to work through the often-complicated process of deciding who will get what. Often, couples have accumulated a lot of stuff over time. While most of it can be easily parted with, there are other belongings that may have sentimental value to both parties. When people understand the right way to go about dividing shared assets, their outcome may be a bit more productive and beneficial.
According to the Huffington Post, a few examples of items that are considered shared property include the following:
- Cars and boats.
- Expensive artwork, collectibles and heirlooms.
- Bank accounts, IRAs, retirement accounts and life insurance policies.
- Real estate, tax refunds and professional practices.
When courts are working through the details of deciding who gets what, they consider many different factors including the length of the couple’s marriage, the earning potential of each party, the needs of the parent who has maintained custody of any children, the health of each party and what items were brought into the marriage by each respective party.
When couples are preparing to begin dividing their assets, Live About suggests that they remember the following:
- They should not spend time squabbling over small items that can be easily replaced.
- They should consider using a mediator to provide an alternative perspective and to help maintain a controlled environment for productive decision making.
They can also benefit from familiarizing themselves with what methods are used by courts to assist in property division so they can feel prepared about what will take place.