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Misunderstanding of separate versus community assets in divorce

| Jun 30, 2018 | High Asset Divorce |

Couples or individuals can often get tripped up with common mistakes during a divorce. For Texas divorcees, these often result from misunderstandings of family law and financial mismanagement. Whether it’s a misunderstanding of separate versus community property or reckless financial behavior following a separation, these common issues can make it extremely difficult to rebuild after a marriage ends.

Many people enter a divorce unaware of what is truly separate versus community property in a marriage. This can result in people giving up too much in a divorce settlement, or conversely not asking for something that is justly theirs. It is important to clarify this when negotiating a settlement. Additionally, divorcing couples should define whether settlement details, such as alimony, are subject to change should financial circumstances change.

Disengaging from the details is another common mistake. For example, some parents may neglect to keep a detailed record of childcare related costs, which can cost them should child support disputes end up in court. If one party is less financially or legally savvy than the other, that individual could also be at a disadvantage unless he or she has reliable advice from an expert.

There are a few other common mistakes that people make when getting divorced, including reckless remarriages and unrealistic lifestyle expectations. Most Texas family lawyers have familiarity with these issues and can educate their clients on what to watch out for when undergoing a divorce in the state. Keeping detailed financial records, clarifying separate versus community property and creating a plan in case circumstances change are also good ideas.