Family law attorneys aren’t financial advisors, but they have certainly seen their fair share of information about the financial lives of their divorcing clients. Divorce often takes a financial toll on both of the divorcing spouses. However, you can make choices that could ensure that your divorce does the least possible amount of damage to your finances.
Sometimes, spending money wisely now can help you enjoy greater financial security later. That is one of the reasons why it’s essential to work through your Texas divorce with a Texas family law attorney. It is also the reason why many divorcing individuals would be wise to work with a financial planner during their divorce. Many of the decisions that you’ll be making in your divorce affect your current financial situation as well as your financial future. With the aid of your attorney and your financial planner, you’ll be able to consider all of the angles and learn how each decision you face with will impact you financially. Your financial planner can help you create a strategy for protecting your finances throughout your divorce, and they can also help you make a financial plan that will keep you on track towards accomplishing your financial goals as you move forward.
A second decision that you can make during your divorce that will serve you well financially is to avoid cashing in your investments to pay your bills. Those investment accounts seem like a handy solution to the presently pressing piles of bills on the kitchen counter, but it’s crucial that you maintain a long-term focus while you navigate the short-term financial shortfall that happens in almost every divorce. Cashing in investments usually involves penalties or taxes, and it also takes you off of the path that you had been moving along towards your financial goals. Your financial advisor may be able to help you think creatively and find ways to meet your current financial needs without sacrificing your financial future.
A third wise financial decision that you can make in your divorce is to consider the costs associated with pursuing any assets that you are trying to acquire as part of the divorce settlement. The biggest mistake many divorcing individuals make is fighting hard to get the house as part of their divorce settlement, only to find out rather quickly that they cannot afford to own it, or that it’s worth less than what they owe on it. Home ownership can be expensive when you consider all of the home-related expenses you’ll need to pay for in addition to your mortgage. The same principle applies to vehicles, and to other assets that are part of the property division portion of your divorce. It’s essential to think carefully about how each the assets you wish to pursue right now will work for you or against you once your divorce is final and you are on your own in paying for them and maintaining them.
A Texas family law attorney is an indispensable ally during your Texas divorce. Your attorney can help you understand the choices you face in your divorce, and they can offer valuable guidance that can help you make wise decisions now that you’ll be grateful for in the future. Call Texas Family Law Attorney Alex Tyra today, at (903) 753-7499 to schedule an initial consultation. You can also plan your meeting online by using our online contact form.