Tomball Divorce Financial Consequence Attorney
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Divorce And Finances
A wedding symbolizes a connection between two people, their families, and their possessions; whatever you acquire during your marriage belongs to you and your “other half.” As a result, debts and assets are comingled. A divorce untangles these possessions so that neither of the partners is dependent on the other.
How Does Divorce Impact Your Finances?
Separating finances is one of the most challenging parts of many divorces. When you separate from your partner, you go through a lot— including the pain of dividing your finances. Now, the money that previously maintained one household has to support two. It is indeed challenging!
The court’s final judgment decides how property such as vehicles or houses purchased during the marriage will be divided. Sometimes, one of the partners buys out the other’s interest in the commodity. At other times, both parties decide to keep some property. For example, one partner can keep the vehicles and vacation home, and the other can be content with the primary home alone. The cost of maintenance and insurance are prime factors considered during the negotiation.
Similarly, debts accumulated during the marriage need to be separated impartially. Credit card debt accrued during the marriage needs to be paid off by both parties unless otherwise stated.
Retirement accounts are no exception to this law. Often these accounts are split up. If you are a stay-home parent, you are entitled to alimony from the other partner during the divorce.
We know you may not be acquainted with the nitty-gritty of the process. For that, you can contact a lawyer from Eaton Law firm. We’ve helped many people in Tomball, Texas, and surrounding areas like Houston, Texas with sound knowledge and the necessary skills to help them walk away financially independent after the separation.
Your Suffering Wallet
When the amount of money that formerly supported one household now supports two, you are sure to face some financial crunch. The struggle can especially impact children – both mentally and academically. The strain may mean the children can’t participate in the extra-curricular activities they enjoyed before the divorce. The custodial parent, who might have previously spent more time at home, now may have to work full time. As a result, the kid might not get enough time with them.
Besides being affected by a divorce, children can also impact their parents during this phase. Parents are usually responsible for caring for their kids until the age of 18. The custodial parent receives child support from the noncustodial parent as ordered by the court. Sometimes, post-secondary education funding is included in child support.
Does a single insurance plan cover your entire family? If yes, then a divorce can affect your insurance coverage. It can also harm income taxes, estate planning, and joint bank accounts. During the discovery process, the judge determines the properties of each party and establishes the financial outcomes of the assets.
All of this might sound like too much to bear. Your plate might already be full due to the emotional challenges of this time. Thinking about any of this logically can be challenging.
Finding the light at the end of the tunnel can be difficult without an extra hand. That is why a good Tomball, Texas divorce lawyer from Eaton Law firm can be your ally. With their guidance, you can analyze the financial aspects of your divorce and get support while you wait for your settlement.
