The prospect of divorce often makes people anxious, even if they are unhappy in their marriages. Most people recognize that divorce could potentially have a negative impact on their standard of living.
Those who have become accustomed to a particular standard of living during a marriage may find the possibility of divorce particularly nerve-racking. A dependent spouse who does not work, possibly because they have focused on raising the children in the family, may feel quite anxious about their financial future when considering divorce or after getting served by a spouse.
There are certain financial protections, including the three briefly outlined below, that can prove beneficial for non-working spouses.
1. Texas’ unique approach to community property
In many states, community property rules lead to a 50/50 division of assets. However, an even split may not be particularly fair in scenarios where one spouse has a successful career and the other must start out from scratch. The Texas approach to community property division allows judges to more effectively address complicated situations, such as a spouse not working. They start with the presumption that a 50/50 split of marital assets is appropriate, but they can modify the final allocation of property based on what they believe might be fair.
2. Alimony or spousal maintenance
It can take months to complete career training courses and even longer to secure a degree. Professionals may need to hold entry-level positions for a year or longer to move into a career that pays a sustainable wage. Spousal maintenance provided by the wage-earning spouse can provide temporary support for a non-working spouse. While they work to rebuild their career and develop financial independence, they can rely on monthly support from their spouse.
3. Benefits access for older spouses
A dependent, non-working spouse may rely on their wage-earning spouse for key benefits during their spouse’s career and also during retirement. Current rules for both Medicare and Social Security retirement benefits allow dependent spouses to receive benefits in some cases. If they remained married for at least 10 years, the lower-earning spouse may be eligible for Medicare and Social Security retirement benefits without diminishing what the wage earning spouse receives.
Exploring personal financial concerns with a skilled legal team can help dependent spouses and stay-at-home parents learn about what to expect. People preparing for Texas divorce proceedings can often make arrangements that allow them to sustain a baseline standard of living despite having previously exited the workforce to support their families.