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Don't make these mistakes in a Texas divorce

Wednesday, July 18, 2018

The decision to end one's marriage is one that is never taken lightly. There are many factors to consider in a Texas divorce. While often a highly emotional time, many decisions must be made that can affect someone's life for many years. Therefore, it is imperative to thoroughly consider the financial implications of a divorce. Experts have noted mistakes that are often made by those going through divorce proceedings.

One mistake frequently made is not having sufficient money to fund a divorce. A spouse could have been surprised by the divorce and not be prepared for the financial changes that accompany it. Some initial steps would be to open an individual checking account or secure a personal credit card. Another problem is not having proper financial documentation. Without this, negotiations for a settlement would be more difficult.

Failing to monitor credit scores can be a pitfall as well. It is crucial to review credit reports and determine if there are errors or areas of concern. It is also important to watch the mailbox for important correspondence. Whether it be bills or bank statements, these reports are helpful in understanding financial position.

A common mistake is entering into more debt. Many individuals consider refinancing a home or consolidating other debts. However, experts recommend avoiding any new loans. Finally, experts have observed those who believe they can handle a divorce on their own. This way of thinking is ill-advised given the complexities a divorce, according to reports.

Those considering a Texas divorce often consult a knowledgeable attorney for guidance. An experienced lawyer can help someone understand all the financial ramifications of a divorce. A strong legal team will provide guidance to protect a client's interests in divorce proceedings.

Source: businessinsavannah.com, "Avoid common mistakes before divorce", Sam Hubbard, May 19, 2017

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