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.
When a person decides to end his or her marriage, dealing with the financial complications of a divorce can be among the most complex and contentious issues. Many El Paso couples of all income levels have established deeply intertwined financial lives and a shared vision of the future; choosing to separate those strands can lead to sharp disputes and give rise to serious concerns about the future. When considering divorce, taking action to protect one's financial health and well-being can be particularly important in preparing for a single future.
Unpaid child support can be a major burden for many single Texas parents who struggle to pay rent, bills and other expenses. In many cases, collecting child support has been eased by the payroll withholding process. The federal Office of Child Support Enforcement reported that nearly $33 billion in support payments were passed through their system in the fiscal year of 2016. Of those, 75 percent were processed through payroll withholding.
The prospect of divorce may bring on strong emotions, and some estranged Texas spouses might wonder if they will feel better if they seek revenge. However, this generally only ends up being harmful to a person as well to any children involved. People should keep in mind that if they take steps to drag out a divorce as a way to get back at the spouse, this is costly for them in time and money as well.
El Paso parents who are getting a divorce might be concerned about how child custody arrangements will affect their children. First, it is important for parents to understand that there are two different kinds of custody, and either can be sole or joint. The parent with legal custody has the right to make decisions about important aspects of a child's life such as education, religion and health care. Physical custody deals with where the child lives.
When Texas couples get engaged, friends and family may offer all sorts of advice on what makes a marriage a good one. While this advice may be well-meaning, it may not necessarily contribute to making a marriage good. In fact, some of this advice may be based on myths.
It's no secret in El Paso that divorce and remarriage have reshaped the American family over the past 50 years. Numerous studies have highlighted the family-breaking aspects of divorce, including child custody, child support, visitation plans and other divorce legal issues. Less attention has been paid to the family-growing effects following the end of a marriage and the emotions surrounding "blended" families. However, that may be changing.
Throughout Texas and the rest of the country, divorce-filing rates tend to increase during the beginning of the year. According to some estimates, one out of every five couples contemplates getting a divorce after the holidays. For those intent on getting a divorce, there are some steps to take before seeing an attorney in January.
Many Texas residents might feel financially secure in the present and even have confidence in their plans for the future, but a TD Ameritrade survey has found that divorced and widowed Americans face more financial challenges than their married counterparts. Additionally, a majority of married individuals do not have a plan in place for their finances in case of divorce or widowhood.
Texas parents who are separated or divorced have experienced how delicate custody agreements are for the children involved. Maintaining the children's emotional health during the transitional process and afterwards is usually one of the priorities for parents. However, there are situations when one parent might manipulate the children to gain some advantage in the situation at the expense of their emotional well-being.