While Texas is a community property state, a 50-50 split is not guaranteed. You need to understand which 50% you will get. All assets are not created equal. Your 50% may include the house. If you are forced to sell it when the real estate market is down, you end up with less than 50% - plus having to pay closing costs and commissions. You need to know if you can afford the 50% you get before you sign on the dotted line.

MYTH: I will keep all my separate property.

Separate property is anything that was gifted during the marriage, inherited during the marriage, or brought into the marriage and left in separate name. If the wife owned a home before she married and changed the title on the home from her name to both names, she made a presumptive gift to the marriage. Now the house is likely to be in the marital pie and up for division. If she has an inheritance in an account with only her name on it, that is her separate property to keep. But, income earned from separate property is generally community property.

MYTH: Divorced individuals are better off financially than they were when married.

This is particularly applicable to women. Studies show that one year after a typical divorce, the standard of living of the woman and minor children has dropped by 27%. Women are 70% more likely to spend their retirement in poverty than men. Many times women in divorce have priorities other than long-term financial planning. They choose to solve the short-term problems at the expense of the long-term benefit. Agreeing to a financially fair settlement is one thing, but getting actual possession of a settlement asset can be another.

MYTH: Only divorce lawyers produce financial statements.

A Certified Divorce Financial Analyst (CDFA) can produce financial statements and projections that show you the long-term effects of proposed settlement offers. A CDFA works with your attorney as a team to achieve the best results for you now and for the long run. Your settlement will determine your standard of living for many years to come. Consult a divorce financial expert before establishing or agreeing to the terms of your divorce settlement.

MYTH: Division of property in divorce is tax-free.

Sometimes it is and sometimes it isn't. Your property split will not be equitable unless income taxes are taken into account. This is true for stocks, mutual funds and real estate. If retirement money is split using the wrong procedure, there can be income taxes and penalties to pay.

MYTH: The wife should automatically get the home.

Many women try to keep the home without carefully considering the long-term costs. Misjudging what she can afford will put her in financial trouble down the road. If she needs to sell the home later, she will have to bear the entire cost, risk and expense of the sale.

MYTH: All property is equal.

Again - all assets are not created equal. You have one shot at negotiating your property settlement. You need to understand how income taxes impact the property you receive. If you get stock and your spouse gets the bank account, you might have to pay income tax on the gains when you sell the stock to get cash. If you get the house and your spouse gets the retirement, you won’t have an income producing asset to fund your retirement years.

MYTH: The husband is obligated to pay for the children's college.

In Texas, the judge cannot require one parent to pay for college. However, both spouses can agree to put a provision in the settlement agreement about who pays for what when it comes to the children's college costs. Child support stops after the child reaches 18 years of age, unless both spouses include further child support as part of the divorce agreement.