Financial considerations are an important part of every divorce case. It can be difficult to predict all of the ways in which your divorce will affect your finances, but it is important to try and anticipate at least some of them. Learning about the types of financial situations that can arise during divorce can help divorcing people prepare themselves for issues that may be relevant to their situation so that they can think about how they want to handle them in their divorce case.
One way in which divorce and finance are connected is that each person who gets divorced must choose whether they will retain an attorney to help them with their case or whether they will represent themselves in their divorce proceedings. If finances are tight, you may be wondering how you could ever justify spending money on attorneys’ fees. Retaining an attorney is more like making an investment than spending money, because representing yourself in your divorce could actually cost you more than you would pay in attorneys’ fees. For example, attorneys are often able to help couples settle their divorce cases instead of having a trial, which results in a lower total cost. An attorney can also advise you of the possible financial consequences of the decisions you will make during your divorce, so that you can make informed choices about how to proceed.
The cost of hiring a divorce attorney varies, so it is important that you obtain detailed estimates from the attorneys that you consult with as you look for someone who is a good fit for you. The estimate should include the fees that your attorney is likely to charge for each service associated with your divorce case, in addition to other costs that they anticipate will be a part of your divorce, such as fees for accountants and appraisers in cases with high-value assets.
In addition to retaining an attorney, you may want to consider working with a financial planner. A financial planner can give you in-depth advice regarding decisions that you may have to make during your divorce case, such as the likely short and long term consequences of accepting any particular settlement offer or pursuing any particular asset, such as the marital home. As is the case with retaining an attorney, money spent on obtaining the services of a financial planner is a sound investment because it is likely to decrease the total amount that your divorce will cost you.
Financial considerations are an important part of any Texas divorce. If you are considering divorce, Texas Family Law Attorney Alex Tyra can help you to understand the financial decisions that are part of your divorce case, and he can help you pursue a resolution of your divorce case that reflects the things that are most important to you. To learn more about the types of financial issues that are associated with divorce, please call us today, at (903) 753-7499.