Common mistakes to avoid in a divorce

On Behalf of | Jun 14, 2018 | High Asset Divorce

There are a number of mistakes people in Texas who are getting a divorce might want to make sure they avoid. Often, those mistakes are driven by emotion. For example, a person might agree to unfavorable divorce terms because of feeling guilty or because of a desire to get the divorce over with quickly. Anger can lead people to try to seek revenge during the process, and this can mean a longer and more costly divorce.

Other mistakes have to do with how assets are handled. Deliberately hiding assets or simply failing to report them sufficiently can result in a person losing both credibility and possibly access to things such as alimony. A financially sophisticated person may be good at hiding assets, so the spouse may want to work with a professional in a high-asset divorce to identify whether this might be happening.

People should also make sure they fully understand issues such as tax liabilities as a result of dividing some assets. It is important to get advice from professionals instead of friends and families because every situation is different; what may be true in one person’s divorce may not be in another’s. It’s recommended that individuals hire a lawyer they are comfortable with and not one who will drag out the divorce unnecessarily.

Spouses should keep in mind that in Texas, a community property state, most property acquired by either person after the marriage is considered shared property. This may include homes, business interests and investments. This can make the process of property division complicated. For example, even if only person has primarily run a company, the other person might be able to claim a part of it. Although shared assets are supposed to be split equally, couples may be able to come up with creative arrangements for property division.