Fort Bend County spouses sometimes hurry through divorce to avoid an unwanted, unpleasant state of mind. Matrimonial attorneys often don’t agree that divorces should be expedited, but legal advisers understand motivations spouses have to avoid unwanted stress.
Why would a Texas attorney recommend slowing down during a divorce? For the same reason many spouses want to hasten the process – emotions. The feelings spouses have toward one another and about the end of a marriage can cloud good decision making.
Lawyers know poor choices during a divorce settlement can have life-long financial consequences. The raw emotions that frequently accompany a breakup are not permanent. Mistakes in asset gathering, valuation and division might be.
The lifestyles of both spouses are likely to change after divorce. A physical separation is costly. The spouses’ incomes will support separate households instead of one. The couple will divide, not share, marital assets and liabilities. Tax statuses will change.
The terms of a divorce agreement will set the groundwork for the financial future. A rush to sign creates risk for irreversible errors.
Spouses must be aware of the depth and value of marital property before negotiating asset distribution. That requires an honest, thorough tally of every bank account, investment, debt, retirement plan and insurance. Asset values must be calculated for the present and years to come.
For example, a marital home has several values: the price a buyer will pay for it, the sentimental worth to spouses and a future value that includes tax implications. Spouses must compare all three before deciding whether the home is a benefit or a burden.
Many Texas spouses rely on financial, legal and tax advisers to help them through the divorce process. Professionals have the expertise to approach settlement negotiations with confidence. What’s another huge advantage for clients? Advisers are not motivated by emotions to hurry a settlement the way a spouse could be.
Source: alicetx.com, “Financial concerns during divorce” Paul F. Rycroft, May. 24, 2013