Going through a divorce is never easy. While experiencing the emotional anguish of an important relationship ending, estranged Texas spouses must negotiate property division and child custody agreements. If they are unable to agree on a settlement, their divorce can turn into an all-out court battle.
During a stressful divorce, some people make financial mistakes that have long-term repercussions. Moving on and recovering emotionally from a divorce can be much easier if you are able to keep your finances stable. Here are three of the most common financial mistakes to avoid:
#1: Rushing the process
It’s a huge mistake to rush the divorce process just because you want it to be over with. Your soon-to-be ex-spouse could easily take advantage of your willingness to rush things and get an unfair share of the marital assets. Remember to take the time to sort through marital property, account for everything and advocate for yourself.
#2: Miscalculating the value of assets
Valuating marital assets can be very complicated, depending on what’s involved. You and your ex could have an art collection that is difficult to valuate, or there could be stocks with complicated tax implications. It’s important to have all marital assets correctly appraised so that they can be divided appropriately.
#3: Forgetting to look for hidden assets
When you rush through the divorce process, you may forget to account for marital assets that were hidden by your spouse. Check financial records and consider hiring a forensic accountant if you suspect that your spouse has assets that they haven’t told you about.
Get help for complicated financial issues
Not everyone who goes through a divorce is an expert on things like retirement accounts, stocks and real estate. A lot of people don’t understand the intricacies of tax law and how it may affect them after property division. Remember to get help when you need it from financial experts who are specially trained on these issues.