Mistakes made when planning a divorce property settlement
There are a large number of financial considerations that need to be made when anyone contemplates getting a divorce. Unfortunately, many of these decisions need to be made while at the same time an individual is going through an emotionally trying time.
Family law attorneys can provide a number of services under such circumstances. Attorneys can provide financial advice, put the client in contact with resources that can also provide assistance with regards to finances and, most importantly, provide legal advice that most financial professionals are unable to provide.
Texas couples need to be made aware of many misconceptions when it comes to divorce and division of property. For example, spousal maintenance or alimony is treated differently than child support when it comes to a number of accounting issues. Also, though spousal maintenance may be labeled a permanent in nature, the reality is that orders concerning permanent alimony can often be modified.
Those seeking a fair settlement when it comes to property division may not be aware that the other spouse can have means of hiding assets: this is especially true if that spouse owns their own business. In fact, not having a grasp on what the other spouse may have concerning real property, stocks and bonds and retirement plans could ultimately result in one receiving an adequate property settlement.
It is especially important to understand the expenses that a former spouse and their children may face in the future. Understanding what financial options one may have and the tax implications that go along with any financial settlement are vital.
All of these matters need to be discussed with one’s attorney. It’s therefore important to contact an attorney that is experienced in the family law practice and understands the pitfalls that can come about if a property settlement does not take into consideration the short and long-term needs of each party.
Source: Chicago Now, “12 Common Financial Mistakes in Divorce,” Sep. 6, 2013