Texas couples going through divorces typically have lots of decisions to make. Some of these decisions involve the assets couples obtained together while married. Because Texas is a community property state, its courts view marital assets as owned by both spouses.
Appraisals can be a good idea
You and your ex-spouse may know the worth of certain assets. However, it’s also common to have collectibles and other items that have not been appraised. Not knowing the exact values of these items could mean an uneven split of marital items that works in your former spouse’s favor.
Understand tax implications
Dividing the overall value of assets like stocks and bonds in a divorce may seem like everyone’s walking away and making a lot of profit. But you must remember that selling stocks have tax-related impacts. If you plan on selling stocks, cryptocurrency or similar assets, have money set aside to cover taxes from your realized gains.
Fairly dividing a marital home
Another common issue that comes up in a divorce is property division. Understandably, both parties in a divorce may want to take over ownership of this home. However, it’s vital to consider if you can handle paying for this home by yourself. If so, you must also completely refinance this property in your name.
Divorce experts also recommend having a professional perform a current appraisal of your property. Remember that capital gains taxes will also vary if you take over ownership of a marital home and plan to sell it. Married couples selling their home only pay capital gains taxes on profits over $500,000. Single home sellers pay these taxes on home sale profits over $250,000.
Completing the divorce process is rarely fast and easy, especially for couples sharing a lot of valuable assets. Fortunately, divorcing couples who understand the value of their assets can walk away from this process with an even split of their valuables.
