Texas residents who find themselves on the verge of divorce should realize there are several ways to help keep their spouses from taking advantage of them. If a person expects the other party to play dirty, finding the best lawyer possible is key. Chances are, the other party will be doing the same. This is important if a spouse wants to protect his or her assets and interests from a spouse who wants to take everything.
It is also important for a spouse facing divorce to understand how money works. Understanding finances means collecting current and past copies of important financial documents such as income tax returns, retirement account statements and bank statements. Going back a few years to collect older information is difficult but necessary.
Forgetting about taxes can deal a hefty financial blow to spouses in the midst of divorce. The tax consequences of the subsequent sale of an asset that was received during the property division stage of divorce proceedings are often severe, thus reducing the overall value of the settlement. Special care should be taken with retirement accounts as well, as an early withdrawal can result in tax penalties.
People who are facing the end of a marriage are often filled with emotions, but they should not let this affect their determination to receive as fair of a settlement as possible. This can mean not accepting the first offer just so the process can come to an end. A family law attorney can be of assistance in handling negotiations for an overall settlement agreement that will be in the client’s best interest.
