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Tips for avoiding financial ruin in divorces

Texas residents who are facing a divorce Texas may wonder if they will get a fair deal financially if the other spouse earns more money or has more assets than they do. Some spouses, including those who don't want a divorce, may make things difficult when it comes to money matters.

For those who are worried that a divorce will devastate them financially, there are steps they can take to help ensure they get a fair deal. This includes knowing the couple's financial picture. Spouses need documents such as tax returns and bank statements for both current and prior years. If this is a high-asset divorce, they may want to consult a financial advisor for help interpreting them. They should also run credit reports to get a handle of the amount and types of jointly-held obligations that exist.

Negotiating a financial settlement needs to be done in a logical and reasonable manner. A person with more money who wants the divorce should not give up too much due to feeling guilty. Conversely, spouses with fewer assets shouldn't make demands because of anger. If the demands are not reasonable, they may end up getting less than what they actually wanted.

Even when it's not a complex divorce, a person who is facing the end of a marriage may want to have the assistance of an attorney at the outset of the process and through its conclusion. There are a variety of divorce legal issues that can trip up the unwary, and even those people who are savvy sometimes let their emotions get in the way of reason.

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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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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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