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The pitfalls of divorce Texas residents should be aware of

Many couples in the country, including those in Texas, come out of divorce with the thought that they have given up a substantial chunk of their finances and possessions. Couples who are going through the divorce process are sometimes so hell-bent on seeking revenge that they do not see the larger picture.

There are certain pitfalls in divorce that people should try to avoid. First, although people typically hate being uprooted from their homes, keeping the marital home means paying the mortgage and also maintenance. This could be a financial mistake if the person who keeps the home does not have the resources to keep up with these costs.

Second, spouses are often too focused on the short-term issues, to the detriment of what's important in the long-term. For instance, if a spouse decides to keep the marital home in exchange for turning over a retirement fund to the other spouse, then the individual misses the returns on that retirement savings, in addition to having to continue to pay for the house. Hence, it is always better to look at the long-term implications of decisions.

Third, it is better to think through all of the costs involved in each decision. For instance, if an individual decides to keep a rental home instead of selling it, then the person should also factor in the liquidation costs of that home as part of the divorce settlement. This is because the same individual would have to pay capital gains tax on selling the house.

It is important to look at the divorce in a wholesome manner. Making life-changing financial decisions can be difficult during the emotional upheaval and disputes that are involved with divorce.

Then there are some couples who are so keen on taking revenge that they just refuse to talk to each other in a civil manner. Rather, they actively work to undermine the other's interest and increase the other's attorney's fees. Couples can surely avoid such a thing at the time of divorce and work toward a better future for each person.

Source: USA Today, "5 biggest divorce mistakes financially," Wendy Spencer, March 7, 2015

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