Many going through a divorce simply want to get through this process as quickly as possible. When emotions are high, it is easy to make mistakes. Since there is so much at stake during a divorce, many mistakes can have serious ramifications well into the future.
It may seem good to get the divorce over with quickly. Nevertheless, it is often wiser to weigh each decision carefully. It may be difficult for someone going through a divorce to think long term. However, many find themselves having financial hardships in the months and years after a divorce because they tried to rush the process instead of taking the time to obtain a fair court order or settlement.
Taking time to think it through
In a community property state like Texas, a divorcing spouse will not always obtain a fair share of assets. For this reason, it is wise to take time for the following:
- Determining the assets that both spouses own and those they own individually
- Obtaining an unbiased assessment of valuable assets
- Seeking a valuation of a business that one or both spouses own
- Considering the possibility that one spouse may have hidden assets
- Knowing the extent and types of marital debt
- Pursuing a fair amount from a spouse’s retirement funds, including seeking a qualified domestic relations order
- Including long-term expenses for the children, such college tuition and other educational needs
No one has to take these challenging steps without assistance. While well-meaning friends and family may offer advice, it will likely be charged with emotion. Supportive as they may be at such a difficult time, it is important that someone going through a divorce rely on the guidance and counsel of a skilled and experienced legal professional.