Ending an unhappy marriage can be one of the most emotionally healthy options for many couples in Texas. However, the sudden need to pay careful attention to finances can be especially difficult for spouses who did not handle any income or pay any bills over the course of their marriage. Asset division, alimony, child support and other related topics can all have an impact on finances post-divorce, and staying on top of these matters can help ensure the most stable future possible.
Asset division usually requires attention early on to at least determine what is community property and must be divided, and what is personal property and not included in the proceedings. Community assets must also be valued. Divorcees should be sure to pay attention to hidden costs associated with community property, such as upkeep or property taxes on a marital home.
Alimony must also be taken into consideration. If one spouse greatly out-earned the other, or if the other spouse did not work at all, it is likely that some type of spousal support will be ordered. These are usually temporary measures intended to support an ex until he or she reaches a point of self-support, which might require further education or job training. This type of support is essential for many, but both the payer and recipient must be aware of how it will affect their future finances.
The potential financial implications of a divorce can be overwhelming, but this should not prevent anyone from filing. As a community property state, Texas considers each party to a marriage one-half owner of all assets accumulated during the marriage. A lawyer can help address all material money issues with a view toward achieving financial peace for the client following a divorce.
Source: newsmax.com, “4 Financial Musts When Planning Divorce“, Jacqueline Newman, Oct. 19, 2017
