People in Texas who are facing the end of a marriage may want to have the assistance of a financial planner in addition to an attorney. Divorce is so stressful that many people may balk at what might feel like an extra complication, but in the long run, a financial planner may help them make sense of their finances resulting in better decision-making.
Some investigation into finances may be necessary in order to ensure that a person is protected during a divorce. For example, one who gets the family home in the divorce without realizing the former spouse took out a home equity loan on the property might end up with much higher mortgage payments than anticipated.
Getting a home can also be a bad outcome for someone who doesn’t anticipate the costs of upkeep. For example, some couples may agree to a split in which one gets the liquid assets and the other gets the house. However, this can backfire because the assets may appreciate in value while the other person struggles to pay insurance and other expenses on the home. In some cases, a spouse might attempt to conceal assets by setting up a fake company. A financial planner might be able to spot such activity.
During the end of a marriage, emotions may run high, and people might be surprised at how their spouses behave. Anger or guilt can both causes people to make decisions during a divorce that they later regret, and a person may be dealing with a spouse who is trying to get revenge financially. People should be careful about giving in so that the divorce will be over more quickly because they may need those assets in the years to come. An attorney can often offer advice about property division during an emotional time that helps guide a client toward better decisions for the long term.
