When deciding to end a marriage, couples must address a variety of issues, such as living arrangements or custody if children are involved. A major area of discussion in a Texas divorce frequently concerns money. Determining how to separate the finances in a marriage can be complicated. Experts have offered suggestions to help get finances in order during divorce proceedings.
While much financial information is available online, it may not be applicable to everyone. Divorce laws are different in each state, so it is important to not take action before knowing the appropriate law. It is also beneficial to get a complete picture of all expenses and income. Keep records of how much is spent on food, child care, home maintenance, transportation and other household expenses. Use past financial statements from banks and credit cards to predict expenses for the future, recognizing situations that will change post-divorce.
When deciding to end a marriage, most people recognize the emotional toll it will take on them. However, many do not thoroughly address the impact a Texas divorce will have on their finances. In fact, national reports show that, while women experience a 41 percent decrease in income following a divorce, men see a 23 percent decline. Though divorce is certainly a significant event, experts stress that it does not have to destroy someone’s financial position. They recommend certain actions that will protect one’s finances when going through a divorce.
Financial experts stress the importance of understanding how much money is actually going in and out of a bank account by knowing earnings and expenses for all parties involved, then evaluating how the divorce will affect all of those items. In most cases, income will decrease and steps may be necessary to replace it. Selling bigger assets or getting a side job may provide extra needed cash.
Family law can be overwhelming. If you have any questions or need the assistance of an experienced family lawyer call us at 915-593-6600 or 915-256-0579.