Financial mistakes to avoid in a divorce

Texas residents who are divorcing should keep in mind that there are a few common financial mistakes that people tend to make in this situation. One of those arises from not having handled the household financial affairs. People should familiarize themselves with this if necessary, and if they cannot get the needed information from their spouse, they might want to use the services of a forensic accountant. Such a professional can go over accounts and may even be able to locate any hidden assets.

Another mistake individuals make is failing to get good financial and legal help. Not all divorces are complex enough to require an enormous legal team, but it is important to see that one’s interests are well-represented. While a divorcing couple cannot use the same attorney, there is usually no conflict in having the same financial adviser.

A third common error is not getting agreements in writing. All financial agreements should be entered into the divorce decree. Because divorce is such a difficult time, people sometimes behave in unpredictable ways, and people may promise things they do not follow up on. This may be a particular problem if the other individual begins a new relationship or starts a new family.

An individual may be likely to make some or all of these mistakes. For example, one spouse may be a stay-at-home parent and might not have as clear of a picture of the family’s overall finances than the breadwinner. However, that individual might also lean toward conceding spousal support that they have a right to access. A conversation with an attorney may help give a person contemplating a divorce a sense of what to expect during a discussion of division of marital assets. Even when a divorce is amicable, having legal representation can be beneficial.