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How to minimize asset loss in a divorce

Texas residents could put their retirement and financial future at risk by getting a divorce. One woman says that she lost nearly $1 million in retirement savings after she divorced her husband after 15 years together. A series of events after the divorce required her to spend about $200,000 in legal fees, and the woman claims that the money could have grown to $1 million if put into a retirement account.

Furthermore, she had to work to pay down the debt that was incurred during the divorce. Ultimately, the woman believes that she and her husband would have been able to retire at age 50 with millions of dollars in the bank if the divorce hadn't occurred. The couple did not have a prenuptial agreement prior to getting married. Going to court as opposed to a mediator to settle the divorce was another reason cited as to why the divorce was so costly.

It may be worthwhile for individuals to do a full financial analysis before agreeing to the terms of a divorce settlement. Financial professionals can be hired to represent just one person or the couple as a whole depending on how well the parties work together. These professionals can also help people create a financial plan for after the divorce is finalized, which may make the transition easier.

Those who are thinking about getting a divorce may want to do so with the help of a lawyer. This may make it easier to learn about how assets are divided in a divorce and how a prenuptial agreement may influence the outcome of a divorce settlement. It may also make it easier for a person to learn about the tax implications of splitting a retirement account or of selling a home after a marriage ends.

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