Jamie Graham & Associates, PLLC

Thinking big picture may help one financially during divorce

When ending a marriage in Texas, it is easy to get caught up in the emotions of that come with the process. Unfortunately, the emotional aspect of a divorce can easily cloud one's judgment when dealing with major financial matters, including asset division. A couple of tips may help people to protect their financial interests when dissolving their marriages.

First, it is wise to think big picture. This means prioritizing the most essential issues, such as the division of the marital home, and letting go of smaller battles. In addition, paying down joint debt as quickly as possible is also wise. Even if one party ends up being required to pay a joint debt as determined by the couple's divorce settlement, the other party is still legally liable for this debt.

It is also expedient to maintain the type of lifestyle one can afford. Creating a budget that considers one's new income is the first step in accomplishing this. Trying to maintain one's previous lifestyle can be a huge mistake financially, particularly if taking out loans or accruing credit card debt is necessary to make this happen.

The decisions that people make during divorce in Texas can impact them for decades. Making simple mistakes when going through this process can unfortunately hamper a person's ability to purchase a new vehicle or home and even save for retirement. With proper legal guidance, people can fight for their rightful share of assets and pursue a divorce settlement that is in their best interests.

Source: nerdwallet.com, "3 Ways to Avoid Money Mistakes During Divorce", Shawn Leamon, July 13, 2016

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At Jamie Graham & Associates, PLLC, we have received a variety of honors and awards for our family law services. Members of our team have been listed as Top Lawyers in San Antonio Scene magazine. We take pride in the number of positive reviews we have received from satisfied clients. On AVVO, a lawyer rating website, we have received an 8.9 rating overall and many positive ratings from clients and colleagues.

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