After a long-term marriage ends, both spouses will have to adjust to new financial realities. While it can take some time for an individual's finances to stabilize after the asset division process, knowledge of personal finance strategies can hasten this process. That's why all soon-to-be exes in Texas should be prepared for the future.
Unfortunately, many couples, particularly older partners, divide money management chores along gender lines during their marriages. Practically speaking, this means that the wife often handled household finances, such as paying bills and making household purchases, while the husband handled long-term investment decisions. As a result, a woman may find that she lacks the skills needed to manage her assets after divorce.
In fact, a divorce could reveal financial concerns that one spouse did not know existed. For example, one spouse may discover that the other has racked up debts that will diminish the value of the marital estate. On the other hand, the discovery process during divorce might also reveal assets such as retirement and savings accounts that were unknown to one spouse.
Making matters worse, a divorce after age 50 means that an ex may have to delay retirement due to the recent hit to their savings. When this is combined with a lack of financial knowledge, the consequences can be devastating.
Individuals who are considering divorce may benefit from consulting with an experienced family law attorney. A lawyer might be able to review the client's case and make recommendations regarding asset division, spousal support and other financial issues.