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Money mistakes made in a divorce situation

The end of a marriage is an extremely emotional situation for couples in Houston. Although many couples will find themselves facing divorce, it can still be a traumatic experience for everyone. Financial issues are typically some of the most important matters that a couple deals with, however, if couples do not pay an appropriate amount of attention, many mistakes could be made.

One financial mistake that can be made in a divorce is assuming that the divorce attorney is a financial expert. While the family law attorney is an expert when it comes to legal issues one could face during the divorce, it is often best to consult with a financial planning expert who can give sound financial advice.

Second, although emotions are a huge part of a divorce, it is best to try and keep them separate from important decisions that need to be made. Although the family home holds a lot of memories, it is quite possible that one person may not be able to afford it after a divorce. If a person doesn't consider the cost of keeping the house, it could be a financial disaster.

Also, although there are quite a few assets couples may have to split during property division, one asset is critical and that is cash. After a divorce there are many purchases that need to be made, and if an ex-spouse doesn't have access to cash, it can cause problems.

Fourth, in a divorce alimony and child support is often awarded. This money is critical for the spouse and parent to continue on after the divorce. The support payments are necessary but so is insurance in case something happens to the spouse providing the payments. It is important for the spouse receiving the payments to make sure the other spouse has a policy that gives death benefits large enough to cover the future support payments. Finally, a person's standard of living will change after a divorce.

Keeping these and other financial information and factors in mind will help divorced couples acclimate to post-divorce life. Those dealing with this or other divorce legal issues should seek to better understand his or her situation. This will ensure they take appropriate steps to protect their rights and interests.

Source: dailyworth.com, "Money mistakes women make during divorce," Steph Wagner, May 21, 2015

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Attorney Christine K. Lincoln

Christine K. Lincoln offers sound counsel and legal services to protect clients and their families facing divorce and other family disputes.

She will take the time to understand your individual needs and develop a comprehensive solution to protect your rights and interests.

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