No two life experiences are exactly the same. However, when going through a particular set of circumstances, such as divorce, you may find someone else who can relate to your feelings and to your situation. Such situations are typically highly emotional, which is why you may also benefit from practical ideas to help you through the rough spots. Many Texas spouses tell stories of how they faced financial distress after settling a divorce; if you anticipate similar problems, it pays to build a strong support network early on and to include a financial adviser as a member of your support team.
Not only is it important to think of what implications divorce may have on finances, financial issues are often a key factor to a couple’s decision to end their marriage in court. You and your spouse may have argued often about money during your marriage. In addition to issues having to do with money, there may be child-related topics or personal matters between the two of you that are also key factors in your divorce. A trusted friend or family member can provide a strong shoulder to lean on regarding the emotional issues you may be trying to process.
Who else can help?
A financial adviser can help you determine your immediate needs as well as long-term financial goals once you have achieved a settlement and are ready to move on in life. The longer you have been married, the more complex issues like property division might be. If there are retirement benefits at stake, one or both of you is in the military or someone in your household is dealing with immigration issues, things may get complicated in court.
If you and your spouse disagree on child custody, alimony or property division issues, it can take weeks, even months to sort things out. It’s understandable that you don’t want to walk away with less than you may be entitled to when the judge determines how your marital property should be divided between you and your ex. Texas is one of nine states that operates under community property rules in divorce, which means all marital assets are usually split 50/50.
You may also have concerns about your children’s needs if you’re a parent. Who will pay for medical expenses or education-related fees, and what about money for extracurricular activities such as sports? You have a right to protect your children’s interests so that they may continue to live a similar lifestyle to what they were accustomed while you and your ex were living under the same roof. If you don’t feel equipped to handle all the financial or legal issues of divorce on your own, you can immediately reach out for support.