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Protecting finances during a divorce

When people in Texas decide to divorce, there can be long-lasting economic consequences that linger beyond the emotional and practical effects of the end of a marriage. Many people are particularly concerned about the threat of financial disaster. For women in particular, scholars have noted that divorced women see their income fall by over a fifth without recovering. On the other hand, data shows divorced men seeing their income rise by around 33 percent.

One study shows that divorced women can actually fare better than single women financially if they leave the marriage as homeowners. Divorced women are more likely to be homeowners than single women who never married. However, other experts warn that trying to hang on to a marital home in a divorce is not the right choice for everyone. If people don't have the income to pay the mortgage or refinance the loan in their own names, they could face a worsened financial situation by attempting to keep the home. In fact, some financial advisers noted concerns about the survey, worrying that it may inspire more people to try to keep their homes even if they cannot afford the bills and taxes.

However, the researchers noted that home ownership is not really the central point of the study. Divorced women can benefit from receiving a portion of the couple's marital assets, while always single people have to accumulate assets solely on their own. Other experts note that retirement savings can be a major factor as well.

When people are considering the financial implications of divorce, a family law attorney can help. Legal counsel can provide detailed advice and represent a client strongly in achieving a fair settlement on a range of issues, including property division and spousal support.

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Law Office of B. Diane Heindel, P.C.
407 E. 4th Street
Tyler, TX 75701

Toll Free: 800-481-9564
Phone: 903-508-2705
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Law Office of B. Diane Heindel, P.C.