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How to avoid common financial mistakes when pursuing a divorce

During divorce proceedings, there is generally a lot at stake. Alimony, parenting plans and property division are just a few of the many legal issues that can be running through a spouse's mind. By taking precautionary steps, Texas spouses can avoid some common financial mistakes and hopefully end their marriage in a simple and cost-effective fashion.

One of the biggest issues spouses often face is being overwhelmed by the complications involved with negotiating property settlement agreements. To avoid these, a spouse may want to have both an attorney and a financial adviser to provide guidance. If a divorce involves a large amount of assets, having this assistance can be especially helpful.

A related problem is not knowing what the marital assets are or where they are located. Dividing up property can sometimes be a simple process, but if a complete list of assets is unavailable, this is not the case. In such an event, it may be in a spouse's best interest to work with a forensic accountant who can have the ability to look at the other party's financial information to help determine what and where assets are.

Perhaps the biggest fault a spouse can make is not getting aspects of the divorce agreement in writing. If a stipulation is not in the final decree, it is not necessarily legally binding, and the only way to include it later on may be through a post-divorce modification.

When a person is facing the end of a marriage, taking steps to avoid these issues can be very worthwhile. As some of the effects of a divorce continue on long after the court has made its final ruling, many who are going through the process seek the counsel of a family law attorney.

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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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