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A Texas divorce does not have to break the bank

Monday, May 21, 2018

Any divorce, whether in Texas or elsewhere, is bound to be emotionally trying. It can also hit both spouses in the pocketbook. However, those who plan ahead for a Texas divorce are more likely to achieve a fair settlement that not only takes care of the short term but also envisions the new life to come.

According to a recent article, an average divorce in the United States costs approximately $20,000. Depending upon the circumstances of the separation, those costs could be higher. While pop culture often portrays the breadwinner as being taken advantage of financially, the truth is that both spouses these days are likely to work and may even have very comparable incomes.

One of the issues to address for divorcing couples is separating the household into two. One person may wish remain in the home, and if so, the other will have to find another place to live. That brings an extra set of bills to the table. The living expenses for divorcing couples can seem to double, while each party's income may remain the same.

If not carefully planned, divorce can also engender tax problems. While some divorcing spouses panic and begin to clean out bank accounts or cash in assets, doing so could cause problems once tax season arrives. There could be financial risks in cashing in assets, and the potential taxes involved may be an unexpected obstacle to confront later.

In the case of an acrimonious divorce, legal fees can accumulate quickly due to the increased time attorneys will need to resolve the issues. When a Texas divorce cannot be achieved through negotiation or mediation, the court is left to decide on the issues, and that may translate into additional time and expense. However, individuals who are able to keep a clear head, make decisions that take into account current and future needs, and maintain open lines of communication will likely find themselves on a fast track to a fair settlement at a reasonable cost.

Source: Business Insider, "Here's How Much A Divorce Will Really Set You Back," Craig Guillot, June 15, 2012

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