It is customary for Texas couples who have decided to seek a divorce to hire separate legal counsel. In many cases, these are the only professionals that each party consults with during the process. However, having the advice of financial professionals through the divorce negotiations might be beneficial.
Dividing assets is a complex process
A major part of the divorce negotiations is the division of property. While Texas is a community property state, judges will often make their decisions based upon principles of equity and fairness, and they will consider such factors as the length of the marriage and whether one of the spouses gave up a career to stay home and take care of child-rearing and other family matters.
A financial professional can help you plan for the future
A reason to consult with a financial professional during the divorce is that their advice might help you plan for your future. The decisions made during the division of property will have an impact on each person’s financial stability post-divorce and for years to come. A financial professional can advise their client on a variety of decisions, including:
- How taxes can affect the value of each decision
- How much a person will need to support themselves
- Whether a person should negotiate for a lump sum payment
- The benefits of negotiating for 401ks, IRAs or pension plans
The financial decisions made during divorce might determine your financial well-being as you start your newly single life. The assistance of a financial professional can help you ensure that you negotiate a fair settlement that allows you to move forward.