In a divorce in Texas, the financial settlement is one of the easiest parts to get wrong. A mistake in this process can cost a large amount of money and lead to an unfavorable or inefficient asset division.
The worst thing that a person can do in a divorce is rush the financial settlement. Going over the finances properly takes time with a lawyer and likely an accountant too so that everything is valued and divided. Sometimes, one partner tries to convince the other to hurry through the process, leading them to get less than they should. In addition, partners sometimes try to hide assets, misvalue assets or otherwise secure more for themselves without putting it up for a fair division. This is not only unethical: It is illegal. Finding hidden or misvalued assets does require examination and time, which is another good reason not to rush.
Avoid the expenses of court
The two parties can often save a lot of time and money by using mediation rather than the full divorce process. It is just as binding as going to court, but the lawyer’s fees will be much lower, and the process itself will take less time. Mediation can get the divorce over with sooner without skipping any steps as long as the parties can work well together. The more amicable the split is, the smoother and less burdensome the process will be, so collaborating on divorce is a big advantage.
There are a lot of ways to miss out on money in a divorce settlement or be stuck with an unfair amount of debt. For this reason, both partners need to pay careful attention.