Couples in Dallas who choose to get a divorce will have a great deal to consider as the process moves forward. Spouses who do not focus on common divorce legal issues might find themselves experiencing long-term consequences due to their failure to pay attention to these issues.
Budgets for the future can mean the difference between making ends meet and experiencing financial struggles. Before a spouse makes decisions about how much spousal support they might need that person should have an idea as to what their living expenses will be after the divorce.
The finances of each spouse must be accurate. Financial documents must be sifted through to determine how much each person has, what each person earns and what will be necessary to live after the divorce. Every marriage involves assets that the spouses have accumulated. They could be bank accounts, retirement accounts, investments and collectibles in dispute. The financial documents alone do not necessarily paint the full picture of the couple’s finances.
Taxes are an often overlooked part of a divorce. Once the settlement is completed, the properties that each spouse receives might be subject to tax. Receiving a tax bill after a divorce often blindsides a person and they will not have a method of paying for these taxes.
Medical insurance and life insurance are another issue that spouses tend to forget about during the divorce, but when there is a medical problem or an untimely death, it can end up being a major problem for the spouse and beneficiaries. Spouses who are being supported need to know if they and their children are covered for these costs.
Financial security for the individual should be paramount before thinking about the future of the children. A settlement that is poorly negotiated will affect the children just as much as the custodial parent. Finally, some spouses will decide to settle their divorce proceeding just to get it over with. This can lead to errors in judgment and mistakes that cannot be fixed.
One of the most important decisions that a person who is getting a divorce can make is to have legal advice. Speaking to an experienced attorney who is firmly aware of the vagaries of divorce, property division and assets, among many other points, can be key to forging an acceptable settlement in the divorce. That is the first call that a person who is at the end of a marriage should make before anything else.
Source: Huffington Post, “10 Financial Mistakes to Avoid in Divorce,” Karen Covy, Feb. 8, 2016