When two spouses in Texas cannot resolve their differences, divorce may be the best move they can make. Nevertheless, divorce is rarely easy — financially or emotionally. There are a few commonly unexpected or overlooked costs that are critical to be prepared for during this type of family law proceeding.
One cost that is frequently overlooked costs related to spousal support, or alimony. Many do not consider this a cost, but for family breadwinners, it can hurt. The amount that the breadwinner may have to pay depends on several factors, such as where the individual lives and the amount of his or her earnings. Another important consideration is child support payments, which can cost hundreds or even thousands of dollars a month for a noncustodial parent.
Another area that is often overlooked during divorce is debt. Both debt, such as a mortgage, and assets, such as a car, have to be divided between the parties during the divorce process. Unfortunately, splitting these can sometimes be a messy process.
If the parties getting a Texas divorce are willing to work together amicably, they might be able to achieve a settlement that reflects their individual wishes when it comes to the division of assets or spousal support, for example. The benefit of this is that they can avoid a litigated proceeding, which can be more costly, time consuming and stressful. An attorney can help one to achieve a comprehensive and fair settlement through the negotiation process or fight for one’s fair share of community assets or spousal support at trial, if necessary.
Source: cheatsheet.com, “Getting a Divorce? Avoid Getting Blindsided by These Unexpected Costs”, Sam Becker, July 19, 2017