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Financial planning for a post-divorce life

Divorce can be a difficult financial time for many people in Texas. In fact, many people stay in unhappy marriages for years because of their fears about the fiscal effects of a divorce. In some cases, the emotional and practical aspects of a divorce have long since been completed, but the financial consequences can linger on for years. However, by keeping some key tips in mind, divorcing spouses can help to protect their assets and emerge for divorce ready to meet their financial goals for the future.

Personality traits that may increase the risk of divorce

Couples saying "I do" in Texas sometimes overlook minor personality flaws or choose to focus more on a significant other's positive attributes. Little differences may become major annoyances. There is no way to guarantee any marriage will last forever. However, it may be helpful for individuals getting ready to tie the knot to be aware of some of the personality traits that might increase the odds of a legal union ending in divorce, a list that's based on insights from psychologists, relationship experts and divorce attorneys.

Health problems more likely for those who divorce late

On the Holmes-Rahe Stress Inventory, which ranks certain life events by the amount of stress they cause, divorce is number two, behind only the death of a spouse. For Texas couples whose marriages are coming to an end, the emotional, financial and mental strain can cause issues in other areas of life or health problems. This can be true for young couples as well as those who have been together for decades.

Birth certificate is a record, may not establish paternity

The laws of most states are designed with the assumption in mind that a baby's parents are legally married. This can raise questions in some cases where the father's name is not on the baby's birth certificate. For mothers in Texas, they may think they have to file for custody or that it might be a bad idea to file if it causes a father who was out of the picture to show back up to make demands for joint custody.

The impact of divorce on older adults

Adults in Texas who are 50 and older are twice as likely to divorce as couples of that age were in 1990. Those who are 65 and older are three times more likely to do so. Researchers have made suggestions as to why divorce is on the rise for older adults, but studies show that their speculations were not always correct.

Student debts inspire more couples to seek prenuptial agreements

Wealthy celebrities over the years have brought the concept of prenuptial agreements to the attention of people in Texas. High incomes and royalties associated with celebrities have motivated many wealthy individuals to negotiate the terms of a divorce prior to marriage. These legal agreements aim to prevent battles over assets and debts in the event of a breakup. People from all walks of life, especially millennials, have now recognized the usefulness of prenuptial agreements in increasing numbers. The contracts potentially allow people to reserve assets from the marital estate and insulate parties from the debt obligations of spouses.

Older couples, divorce and dividing assets

According to the Pew Research Center, the divorce rate for older couples in Texas and the rest of the United States is twice what it was in the 1990s. People who are older than 50 years old and who want to get a divorce should be aware of how to properly divide their assets, particularly retirement assets. Dividing certain assets in the wrong manner can result in unexpected tax bills and other types of financial hits. Because older couples are close to retirement, it is especially important that they avoid these types of financial mistakes during their divorce.

Law Office of B. Diane Heindel, P.C.
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Tyler, TX 75701

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Law Office of B. Diane Heindel, P.C.