The marital dissolution process carries with it many financial implications. This, combined with the fact that the process can be an emotional coaster, can make divorce a difficult experience. However, a couple of tips may help to make this process easier for married couples in Texas.
First, it is critical that a divorcing individual understands his or her financial situation prior to beginning the divorce process. The more informed divorcing individuals are, the more likely they are to avoid making mistakes that may cost them for many years following the divorce. This is essential, considering that recovering monetarily from divorce takes about 15 years on average.
In addition, before agreeing to keep the family home, divorcing individuals would be wise to consider how they will cover the costs associated with it. This is particularly important, given the fact that their household incomes may drop following divorce. Furthermore, if two divorcing individuals have young children, they may want to include a clause in their divorce decree that allows the parent who will receive child support to buy life insurance on his or her ex-spouse, as this will ensure the support payments’ value.
Dealing with the financial aspect of divorce can no doubt be confusing and overwhelming. However, an attorney in Texas can walk a divorcing individual through property division, child support and spousal support, for example, from start to finish. The family law attorney will pursue the most personally favorable outcome for the client, given the circumstances surrounding his or her divorce.