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Texans who get divorced may benefit from financial planning

Money issues and disputes could unnecessarily complicate Texas divorce proceedings. Couples who hire individual legal counsel for divorces also need to solicit the services of independent financial counselors. Neglecting to do so may result in settlements not functioning as they should.

Divorce attorneys may not have the necessary financial understanding to create settlements that account for future necessities such as higher education for children or estate planning. For instance, arrangements that seem equitable when they're created may become unworkable as property depreciates, home maintenance costs mount or assets like stocks grow in value. Financial advisers who represented both spouses in a divorce have been known to create arrangements that left one party in dire financial straits.

In one case, an ex-wife unknowingly took on extra debt in the form of a home loan her spouse failed to disclose and severely compromised her credit. In another divorce, a woman sought advice from an attorney relative who also represented her ex's company. She eventually ended up with a settlement she wasn't happy with. In both instances, the divorcing couples worked with financial advisers who may have had troubling conflicts of interest.

Most divorce agreements must be formalized by court orders. Even when couples draft their own arrangements with the assistance of their respective family law attorneys, judges have the power to make them official, and after this occurs, individuals who fail to uphold their obligations may be penalized. This can further exacerbate the situation for single parents and others who might lack the means to make alimony or support payments.

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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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