When a Texas marriage ends, the parties’ expenses will increase while income decreases from two incomes to one. This can naturally have a significant impact on the financial picture of each party after a divorce is finalized. If each is aware of all the financial changes that can occur, they both can be better prepared to negotiate for a fair and comprehensive settlement.
Determining if someone is eligible to receive post-divorce maintenance (alimony) can make a major difference in how both parties move forward. In assessing whether an award of alimony is appropriate to the circumstances, the court will consider the length of the marriage, the needs of each party, financial resources, employability and other factors.
Other financial decisions affect any children involved. Child support will be determined by state guidelines. However, individual circumstances can alter the amount, resulting in an award for more or less support for a child. College tuition may also be addressed by contractual obligations, and is typically paid outside of the basic child support order and not enforceable by contempt of court.
The expenses a person will take on or relinquish after a divorce will ultimately determine how and where that person makes a fresh start and what that person’s financial outlook may be. A comprehensive view of all the financial matters related to the marriage and how those finances may be divided can help in preparing for the future. An experienced Texas Board-certified family law expert attorney can help determine the possible outcomes and help you outline what may be fair for you, given the individual needs and circumstances.
Source: delawarebusinesstimes.com, “Viewpoint: Things to know about divorce and finances“, Leslie B. Spoltore, May 26, 2016. Edited for this post by GUNNSTAKS LAW OFFICE, June 8, 2016.