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Managing finances after a divorce

Texas residents who go through a divorce are likely to see major changes to their financial situation. In addition to the fact that they will no longer be able to rely on two incomes to handle bills, a couple's property is also divided during asset division. Alimony can also change how much income someone has following a divorce. If someone is paying alimony, they have that much less money to manage their own expenses, and those who receive it often end up discovering that it's not enough to keep them in the lifestyle that they had during their marriage.

This is why individuals who divorce need to prepare their finances for life after divorce. Alimony can be very helpful to individuals who didn't work while they were married because they were focusing on their family. However, spousal support has come under scrutiny, and many states are looking at reducing the amount or duration of these payments. Therefore, individuals should use this money to prepare to return to the workforce.

Those who divorce could also consider downsizing. Once someone is divorced, a large home may not be necessary, and a smaller home also brings with it lower maintenance costs and mortgage payments. Making a realistic post-divorce budget is also important. Those who continue to spend as if they have the same money available as during their marriage may end up in debt.

Going through a divorce can be challenging, and it can be difficult to make choices without involving emotion. A lawyer could help someone understand the long-term impacts of their decisions, as well as explaining how state law will affect their case.

Source: Fox Business, "How to Financially Readjust for Post-Divorce Life", Andrea Murad, August 02, 2013

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