Finances remain one of the most perplexing areas to address in Texas divorce proceedings. Sadly, financial errors made during the divorce process can end up having serious consequences. Here are two mistakes in particular that are all too common in these types of family law proceedings.
First, perhaps one party suggests assuming responsibility for certain debts. The reality is that if the other party is still listed on these debt accounts, he or she might still be legally responsible for the debts. This is because a creditor is not bound by a divorce agreement, as the spouses’ contract with the creditor predates their split. For this reason, it is wise for those going through divorce to transfer their debt to brand-new accounts in the appropriate spouse’s name and close their joint accounts.
Second, divorcing spouses often make the mistake of thinking that fighting a war in court is inevitable. But people can avoid the stress of traditional divorce litigation by taking advantage of mediation or informal negotiation. Mediation specifically involves having a neutral third party help with negotiating an agreement.
When going through divorce mediation, it is necessary for both spouses to be open and cooperative, especially regarding finances. If they cannot find common ground regarding property distribution and alimony, for example, the spouses may have no choice but to go to trial. However, in either situation, an attorney in Texas can help an individual to pursue the best outcome for him or herself considering the circumstances surrounding the divorce.