Divorces can be fraught with complications. That doesn't necessarily mean that they have to be, however. Especially when a spouse makes errors that weaken their own standing in the case.
It happens more often than one might think — likely because divorce is a traumatic event, and having to cope with the trauma makes many people less able to manage their legal positions. Read on to learn more about the common errors to avoid in divorce.
Having to forgo that country club membership or annual winter cruise may be just the tip of the iceberg of financial adjustments you may have to make post-divorce. While you should always seek the best settlement possible in your divorce, you must remain realistic about what you can afford to maintain from your former lifestyle.
Failing to face the facts can lead to hanging on for dear life to a major asset like the family home when you can no longer afford and/or manage its upkeep and expenses. Relinquishing the property may be the better deal for you if you can leverage your share in exchange for other appreciating assets.
Settlements that reflect your status quo
What you need at 35 is quite different from your needs at 65. When it comes to division of property and assets, Texas is a community property state. You are entitled to one-half of the marital assets, as well as being responsible for half of the debts. It's important to be strategic when determining which assets to seek.
Would a lump-sum settlement make better sense? After all, if you agree to monthly spousal support and your ex has a fatal heart attack, there is no provision to continue paying you support. If a lump sum is not possible, you could negotiate to be the the beneficiary of a life insurance policy that would cover your needs if your ex meets an untimely end.
Rushing back down the aisle
Are you in too much of a hurry to get remarried? Maybe you dread living as a single person, but you don't want to repeat the mistakes from your former marriage. Give yourself time to adjust to your newly single status while you get to know your new companion.
If you're certain it's a love match and can't put on the brakes, at least do yourself a major favor and get an ironclad prenup that reflects your best interests and protects your assets and resources.