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Financial mistakes made in divorce can have major consequences

On Behalf of | Mar 5, 2020 | Divorce |

The dissolution of a marriage can be a devastating ordeal physically, mentally and emotionally. However, it can also lead to major unanticipated monetary consequences. Here is a rundown on a couple of financial mistakes that people who are going through divorce often make, and how to keep from making these mistakes in San Antonio.

First, many individuals head into divorce not knowing all of the debt that their household has accumulated. Household debt includes credit cards, mortgages and car loans. However, it also includes student loans, loans against 401K plans or IRAs, and home equity credit lines. Considering household debt during the property division process is critical because both debts and assets are divided as part of this process.

Second, some stay-at-home spouses who are getting divorced fail to anticipate having to go back into the workforce to support themselves. Many people who decide to remain at home also place the responsibility for making financial decisions in their spouse’s hands, and this can make transitioning to single life even harder. For these reasons, it is critical that stay-at-home spouses who plan to get divorced first understand their household financial situations, and also have plans in place to secure employment following the divorce process.

The divorce process can understandably be complicated and thus challenging to navigate. However, an attorney in San Antonio can provide the guidance needed to confidently tackle matters such as property distribution and spousal maintenance. The attorney’s chief goal is to make sure that his or her client’s rights are protected during all stages of the divorce proceeding.