Houston Divorce Financial Consequence Attorney
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Divorce And Finances
When you married your spouse, you became a legal unit. That means that everything that you earned or purchased during the marriage legally belongs to both of you. All debts incurred during the marriage also belong to both of you. Houston family law attorneys can help you separate these assets and debts when you are going through a divorce.
How Does Divorce Impact Your Finances?
You previously navigated life as a unit. You paid bills, made investments, and may have even bought a Houston home as a couple. Now, those financial strings need to be separated so that you can each move forward in your individual lives. This is one of the most difficult parts of many divorces, which is why you need a Houston divorce attorney to help you through the process.
A judge will ultimately decide how your property (money, real estate, vehicles, for example) is split. If one of you wants to stay in the house, they might buy out the other. Or, they may sell it and split the proceeds. When developing your divorce agreement in Texas, you will also want to consider the ongoing costs of ownership, such as maintenance and insurance. Debts follow a similar process – you may amicably agree that one person will take on the debt if it was incurred on their behalf, such as student debt, but legally it belongs to both of you.
Retirement accounts will be similarly split. Especially if you were a stay-at-home parent, a Houston divorce lawyer can help ensure access to the retirement savings that your partner could only acquire with your support
The Suffering of The Wallet
Going from being part of a dual-income partnership to supporting yourself can be challenging for both you and your children. When both parents now need to pay housing costs, the children may no longer have access to the same resources they’ve been used to. They also might not get to spend as much time with their parents if they both now need to work full time. Make sure a child support lawyer in Houston gets the child support you’re entitled to and minimizes your children’s suffering.
Also, consider the impact of your divorce on your insurance costs, particularly if you were previously covered by your spouse’s employer. It could also make your taxes more expensive, and you will almost certainly want to adjust your will after a divorce. If you’re ready to discuss these variables, give us a call. We are a Houston family law firm that has helped many people through this process and can ensure you have all the information you need to make a good plan for your future.
We want you to finalize your divorce and be in a place of financial stability, confident that you will be able to support yourself and your children in the years to come. We will go over everything carefully, making sure that you understand, and argue for you to get the best possible results in court. If you are in Houston and surrounding areas like Tomball then give us a call to find out why Eaton is the family law firm you need.
