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The financial aspects of a divorce

Texas couples who decide to get divorced might find that it is an expensive proposition when court fees, lawyers and mediators are included. Many couples, however, forget that it can become even higher, when the years of child and spousal support that might follow are included. This is why couples need to focus on financial planning for post-divorce health when the idea of ending a marriage first takes hold.

According to government data, over 800,000 people get divorced each year in the U.S. And after 10 years of marriage, the relationship is considered long-term, which means that one party might have to pay alimony until the recipient's retirement age, if that person doesn't remarry. Child support must also be paid until the child reaches the age of 18 or the age of majority. These costs must be taken into account when a person seeks a divorce, as making an error during this part of the process might result in a tougher financial situation later on in life.

When people decide to begin the process, they should sit with their financial planner and as honestly as possible disclose their assets and debts so that they can establish their net worth. This might be used in determining the amount, if any, of support payments. Additionally, during the divorce process and negotiations the couple should refrain from making financial decisions as the goal is to divide the assets. This time is also a good time to begin establishing an individual financial identity.

In addition to a financial planner, another important part of the team is a family law attorney. Legal counsel can often assist in negotiating a comprehensive settlement agreement that provides future financial protection to the client.

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