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Planning for financial future after divorce in Texas

While planning for a divorce may seem uncomfortable to some, it can be a practical decision to make. By putting money into an individual 401k and having other wealth accumulation strategies, one can better prepare for the financial realities that come at the end of a marriage. It may be in a married individual's best interest to know how to budget and otherwise manage money as preparation for the future.

Divorce typically features one person who is ready to handle living alone from a financial standpoint and one who isn't. However, taking the time to learn how to manage money may make divorce easier and perhaps make a marriage stronger while a couple is still together. Of course, there are a couple of downsides to planning for a divorce while still married.

At first, the planning will be hypothetical in nature. Over time, an individual runs the risk of creating a self-fulfilling prophesy where the hypothetical becomes real. Also, putting money into an individual's own 401k or other personal investment accounts instead of those controlled by a spouse may reduce annual returns. Therefore, it is beneficial to know the difference between practical and premonition when thinking about a future without a spouse.

Whether the end of a marriage is straightforward or results in a complex divorce, it may be a good idea to speak to an attorney. A lawyer might be able to help a client obtain more assets under the terms of a divorce settlement as applicable under state law. Legal counsel could also help a client discover hidden assets that may then become eligible for division at the end of a marriage.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Turner, Bruce E.
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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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