The process of getting divorced can understandably be overwhelming, not just emotionally but also financially. For this reason, developing a strategic plan is necessary to prepare for the financial impact of divorce. A few tips may help with protecting one’s financial future post divorce in Texas.
First, spouses going through divorce may be wise to assess their assets early on. Understanding what they will be able to handle financially is imperative, as their standards of living will likely change following divorce. In some cases, selling the family home and downsizing might be necessary to maintain a workable budget. This can be challenging if a spouse is emotionally attached to the house, but it may be the only path toward a financially stable future.
Another potentially wise move is to seek the help of a finance expert. After all, a recent survey indicated that three-fourths of people in the United States who have gotten divorced do not feel as financially secure. Moreover, 50 percent of divorcees said they were worried about not having enough money to last their retirement years.
If spouses who are going through divorce can see eye to eye on how to split their assets and their debts, they can reach a divorce settlement without further court intrusion. However, informal negotiation does not always work, in which case going to trial is unavoidable. In this situation, a judge will determine how a couple’s assets will be split and how matters such as alimony will be handled. In either situation, an attorney in Texas will push for the most financially favorable outcome for his or her client.
Source: wisebread.com, “How to Build Financial Stability After Divorce“, Toni Husbands, Feb. 20, 2018