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Planning your financial future during divorce

| Jul 9, 2020 | Family Law

There are many different questions to answer when ending a marriage. For example, will someone’s housing situation mean staying in the family home? Or can someone maintain the same lifestyle to which he or she has become accustomed? Answering these kinds of questions during divorce can be tough for some people in Texas, but familiarizing one’s self with certain financial information can help.

It is first helpful to know just how many assets a person has. This includes any personal or marital debts. No one can truly decide whether keeping the marital home is smart or if it is time to cut back on streaming services if they do not understand what their financial situation really is. Someone who is not familiar with the family finances can look through tax documents, bank statements and insurance documents to uncover hard to find assets.

When thinking about the future, it is helpful to consider specific financial resources. How much someone has in retirement savings will possibly influence spending habits, as he or she may need to quickly rebuild funds after property division. Someone who was married for 10 years or longer should also look into whether he or she qualifies for Social Security benefits based on an ex-spouse’s work history. There are specific criteria one must meet in order to qualify, though.

No one should let money worries hold them back from filing for divorce. Instead, people in Texas who are in this situation can address their concerns by being proactive about their financial futures. Navigating this process can be confusing though, so some people choose to seek guidance either before or soon after filing for divorce.