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Don’t make these financial mistakes when divorcing

On Behalf of | Feb 13, 2020 | Divorce |

Getting a divorce is always a challenge. Some people become so focused on the emotional side of divorce that they fail to consider the implications a legal split can have on their finances. Protecting your emotions is certainly important, but so is protecting your financial situation.

In many Texas divorces, one or both spouses have chosen to count on an attorney to help them address financial dangers. Having a lawyer as an advocate enables you to shift your focus to areas that need your attention as they arise. If you are preparing to end your marriage, don’t let the following mistakes derail your efforts to emerge from divorce financially stable.

  • Trying to keep the family home when you cannot afford mortgage payments and/or the home’s maintenance
  • Failing to seek counsel about potentially costly tax consequences of ending a marriage
  • Spending money extravagantly during your divorce, which could hurt you during property division
  • Failing to look for other health insurance options if you are covered under your spouse’s policy
  • Forgetting to look into how you and your spouse should divide any retirement accounts you have

To many people, the financial side of divorce seems insignificant when compared with the emotional fallout of ending a long-term relationship. If you simply cannot make yourself focus on this critical element of divorce, consider asking your attorney for guidance.

Most lawyers have a great amount of knowledge that can assist you in taking all important considerations into account. Your legal counsel wants to help you so it makes sense to take full advantage of his or her counsel until your divorce is finally over.