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A look at common mistakes people make in divorce

Texas residents may be interested in some common mistakes that many spouses make when getting a divorce. Because of a failure to see long-term issues, many of these serious financial errors can come back to haunt a person later in life.

Many couples, in a rush to get to the end of a marriage, do not think through a lot of the decisions they make while negotiating a divorce settlement. This can lead to big problems down the road, however. For instance, attachment to a family home may lead that spouse to keep it after the divorce. This will require ongoing mortgage payments and maintenance, which many newly divorced spouses have difficulty affording. If the house is sold, there could be tax issues dealing with the increased value of the home. While keeping the house might sound like a good idea, refinancing to pay off the other spouse's equity in the home may also lead to long-term debt.

Other issues can crop up as well. For many, the short-term financial situation can seem to be the most important thing during a divorce. Often, spouses will give up their portion of future retirement accounts and benefits in exchange for cash at the time of divorce. This kind of thinking has serious drawbacks, though. All of these issues should be anticipated when making decisions during the divorce.

For many spouses, consulting a family law attorney to help with divorce legal issues can ensure that future problems are avoided. The attorney may be able to address child custody, spousal support and property division issues that the spouse might not have thought of. The attorney may also be useful in filing the divorce papers and negotiating a settlement to these issues with the other party.

Source: WKBW, "5 biggest divorce-related financial mistakes," Wendy Spencer, April 4, 2015

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