Protecting finances in a divorce

Texas couples who are facing the end of their marriages often understand the importance of protecting their finances. Divorce can be financially difficult for people, as they are required to divide marital assets, no longer have a shared household and can no longer rely on their spouse's income. While it is possible to recover financially afterwards, doing so is a lot easier when one has received an appropriate settlement.

Unfortunately, some divorcing spouses do not receive the kind of financial arrangement that they deserve. One cause of this is failing to seek out appropriate financial and legal advice from professionals. The need for this sort of advice is more common in high asset divorces, but may also be necessary in divorces where there is a great deal of conflict. It is also true that there are relationships in which parties keep a lot of secrets from each other, making an in-depth financial investigation necessary.

Divorce attorneys work hard to ensure a fair division of assets for their clients. However, some may not have the same insight that a financial professional does. In addition, neither the client nor the lawyer may be aware of all of the assets or debts that exist within a marriage. For example, the other spouse may have taken out a loan using jointly-owned property as collateral. Discovering this sort of financial obligation may require specialized financial knowledge and investigation skills.

Property division is often one of the more contentious aspects of divorce proceedings. In lieu of having this determined solely by a judge, many divorcing couples rely on their respective family law attorneys to negotiate a comprehensive settlement agreement.

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