In Texas, many soon-to-be ex-spouses either make financial assumptions about a divorce or simply do not know what awaits them. Unfortunately, these individuals often face some unwelcome surprises. It is best to get educated ahead of time to learn how to deal with divorce-related financial issues before they arise.
One common problem is that people are unaware of the full amount of their household debt. Both parties may end up having to assume some of that debt after a divorce. Individuals are often surprised by these circumstances, especially if the other spouse was the one who managed the finances.
The cost of health insurance can also be an unwelcome surprise. If one spouse had been paying premiums for the family, the other partner will have to find insurance on their own. They soon may find that insurance can be prohibitively expensive, especially if they do not have a job that offers health benefits.
Many non-working spouses do not anticipate that a divorce would require that they return to the workplace. They may be factoring in alimony or child support but have overly rosy forecasts for what they would be receiving. This would mean that they need to earn money to make ends meet.
Education ahead of time is the best way to avoid some of these shocks. While it may not change the financial situation, a divorce attorney could at least provide the information necessary so that a client understands what they’ll face. Then, the attorney may help the client negotiate the best possible financial terms during the property division process.
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Author: On behalf of Katie L. Lewis of Katie L. Lewis, P.C. Family Law