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Finances may be complex in a divorce

Texas residents who are going through a divorce may find it an emotionally as well as a financially trying time. Due to the stress that often accompanies the end of a marriage, they may not make the best decisions about their finances. As a result, they may benefit from guidance from attorneys, financial advisers and tax professionals.

For example, some people might be unaware that in splitting retirement accounts, it is possible to incur a large tax liability depending on how distributions are made. There can also be complexities in splitting assets such as a home or a jointly-owned business. The first thing people should do before sitting down with professionals is take a thorough inventory of their own financial situation and that of their spouse. This includes income, debts and assets.

Estranged spouses may choose to continue sharing some accounts such as a college fund for children. Expenses may increase unexpectedly. For example, a former spouses who moves out of the family home may initially face paying both rent and a mortgage payment. There may be child support and alimony payments. People also must remember to change beneficiary designations on various accounts to remove the former spouse.

Details like these may be difficult for some people to remember in the turmoil of a divorce. Working with an attorney may help a divorcing spouse stay focused on practical matters. A number of decisions will need to be made including arrangements for child custody and visitation and how property division will be handled. Accordingly, people may wish to think about their ideal outcome ahead of time so that they have a baseline to work from and are less likely to be swayed by anxiety about conflict.

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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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