The process of dissolving a marriage is hardly a pretty one. This is especially the case for spouses who cannot find common ground in areas such as asset division. However, the proper information may help to reduce anxiety as well as expedite the divorce process in Texas.
One of the biggest sources of conflict during divorce is the family home. The wife is usually the one who wishes to stay in the home due to her emotional connection to it. For instance, the children were raised there, or it is in a strong school zone. However, keeping up with the mortgage payments on one’s own may be a challenge, especially if the other spouse was the primary or sole breadwinner.
Even if the home has already been paid for, the spouse who decides to stay in the house will have to cover taxes along with regular maintenance expenses on his or her own. For this reason, doing the necessary homework to create an accurate post-divorce budget, including home expenses, is expedient before simply agreeing to keep the house. Positive cash flow is necessary to stay on top of the costs associated with this high-value asset — oftentimes a divorcing couple’s most expensive one.
In addition to dealing with the house, a couple going through divorce may have to decide about other valuable assets, such as the family car and retirement funds. No two couples’ scenarios are the same, so no one-size-fits-all approach exists for dealing with them. A qualified attorney in Texas can provide guidance specific to one’s situation so that one achieves the most personally favorable divorce settlement possible during a divorce proceeding.
Source: investopedia.com, “How to Achieve Financial Goals During a Divorce“, Rose Swanger, Nov. 22, 2017