Avoid Doing What Others Have Done
It can be very easy for our emotions to cloud our thinking in difficult situations, and it’s important that we slow down in those moments and carefully think about our actions. Unfortunately, too many people end up making a mistake that ends up harming them down the road.
Some actions have become common for people to take, yet these actions are actually mistakes to be avoided. Here are some of the most common mistakes to avoid making during a divorce.
Rushing Through the Process
Many people try to rush their divorce in order to get it over with as quickly as possible. Failing to think carefully about major decisions, however, could end up harming your case more than you may realize. If you act in ways that signify that you are just rushing through the process to get it over with, you could end up missing out on assets and could face a settlement agreement that is unfair to you.
Dragging Out the Process
Conversely, many people who are upset with their divorce use the court as a means of revenge against their spouse. Some people will refuse to negotiate a settlement agreement and will turn down any potential terms in order to get back at their spouse. However, what they fail to realize is that dragging out the litigation process doesn’t just cost your spouse; you have to pay for the extended court costs and attorney fees, as well. While it might seem like a nice ploy for revenge, taking this action could literally cost you more in the long run.
Having Unrealistic Expectations About Financial Life After Divorce
Too many people fail to take into account that their finances will look drastically different after a divorce than they ever did before. Many people do not understand that their income is changing; the spouse’s income that was once shared with them is now gone. When that happens, changes to their current living arrangements must be made in order to avoid financial ruin.
Expenses may change; perhaps you are now responsible for child support payments or have control of the mortgage. You have to make adjustments to your spending and saving after a divorce, or you may face disastrous consequences.
Failing to Take Taxes Into Account
The other aspect of your financial situation to pay attention to is the tax implications of your divorce. Not only are you transitioning to a new filing status, but the assets that you acquire as a result of the divorce could play a part in your tax liability, specifically if you receive any part of a retirement account or pension. You have to keep in mind that almost all aspects of your financial life are about to change, taxes included.
The emotions that you may feel during this time can be overwhelming, but you cannot allow them to take control of your decision-making capabilities and cloud your judgment. Too many people let their emotions dictate their decisions and end up taking an action that ends up harming them in some way; whether you rush into a new relationship or you spend money recklessly, rash decisions can cost you.
Failure to Work with an Experienced Divorce Attorney
You have no greater resource available to you during your divorce than your attorney. Their wisdom and guidance are invaluable as you navigate this period of your life. Failing to work with an attorney who understands Texas divorce laws can only lead to a disastrous divorce.
At Verner Brumley Mueller Parker, our team can help you understand the best course of action as we guide you throughout the divorce process. To learn more about Texas divorce or to get started, call us at (214) 225-6766 or visit us online.