There are many pitfalls during a separation that can lead to further complications down the line. For those going through a Texas divorce, it can be very easy to fall into difficult financial straits as a result of errors made during the separation process. It may be helpful to consider the following common financial mistakes many make in trying to get through a tough emotional time.
It can be difficult to separate the emotional upheaval of a divorce from the logistical realities of dividing assets. Keeping a level head may help to mitigate emotionally-charged decisions that could leave one spouse at a disadvantage. Approaching assets with the knowledge that not all of them will have the same value once liquidated, even if the original split was 50/50, is also useful.
Reviewing all legal documentation for accuracy isn't the easiest thing to do while in the midst of a divorce, so it may benefit spouses to seek advice and support to ensure all paperwork is correct to the letter. The same goes for distributing debt: it can be a valuable move to immediately separate financial burdens to avoid responsibility for the other spouse's spending. Finally, it behooves both parties to consider their financial futures in terms of restructuring their lifestyles: regardless of alimony or child support, budgeting may be equally as important.
Texas divorce can be emotionally draining, and it may be tempting for one or both parties to rush through important decisions to facilitate a faster end to the process. However, the long-term financial implications of divorce can impact the lives of both spouses for years to come. It is very helpful to think about these issues ahead of time and seek appropriate support to ensure the process is as amicably settled as possible.
Source: Alice Echo-News Journal, "Financial concerns during divorce," Paul F. Rycroft, May 24, 2013