Change is inevitable when a marriage is over, whether it be a move, a job change or change in the type of lifestyle to which one is accustomed. Divorce will certainly bring financial changes and adjustments, and it is important to consider how these may affect day-to-day life. Preparation helps a person develop reasonable expectations regarding financial capabilities in post-divorce life.
In Texas, people who are considering divorce or who have recently filed for divorce would be wise to identify their priorities. If saving for retirement is an important goal, this should determine how a person negotiates and navigates the divorce process. A lawyer can help a person set practical goals based on their income and estimated settlement.
One must consider their post-divorce income, years left until retirement, real estate holdings, assets and career opportunities when assessing their goals for life after divorce. This step may help avoid unnecessary litigation over financial disputes, ultimately sparing an individual from additional stress and cost during an already complex time. Before any important decisions are made, it would be wise to speak with an experienced family law attorney.
Divorce will bring significant financial implications, and it is critical to carefully consider how, or if it is even possible, to enjoy the same lifestyle after the divorce is final. Working with an experienced legal ally is the best way to ensure that one’s rights are protected and all options are carefully evaluated. With preparation and the help of a Texas legal professional, it is possible to lay the foundation for a stable post-divorce financial future.
Source: The Huffington Post, “Divorce Lifestyle Considerations“, Karen McMahon, Sept. 6, 2016