The end of a marriage for a Texas couple is a difficult time. In addition to having to process painful emotions, a couple must decide how they plan to divide and manage their finances. This can become particularly challenging if one spouse earns more money than the other.
When considering an appropriate property division, couples may need to take several factors into consideration. These include assets, debts and the ability of each spouse to support him or herself after the divorce. It becomes important for each spouse to consider both their short-term and long-term financial needs. This can be challenging at such a stressful time, but poor planning can have a significant, and negative, impact on a person's life.
An example of how a failure to plan for the long term might be in situations where a spouse requests a large cash settlement, perhaps some a savings or investment account, while offering the other spouse their shared residence. This arrangement can be tricky, because unlike cash, homes require maintenance. In addition, variables such as increases in taxes, homeowner association dues, or condo assessments can be hard to predict.
Because long-term financial planning is a complex issue, individuals who are getting divorced may benefit from speaking with an experienced family law attorney. Legal counsel can conduct a review a client's financial situation and provide advice on developing a divorce agreement that will meet the client's financial needs in the form of property division, alimony and child support. In situations where a client is already divorced but is suffering financial hardship, an attorney may also be able to assist in obtaining post-divorce modifications.