When Texas couples get a divorce, there are a number of errors they should avoid during property division. One is keeping the family home. While this can feel like a way to get some stability during an unstable time, the upkeep on a single income may be unsustainable.
Common financial mistakes in a divorce
Correlation found between some jobs, divorce rate
Texas bartenders, flight attendants and casino workers may be more likely to get a divorce than people in professions such as actuary or physician. A survey presented by FlowingData drawing on data from the 2015 American Community Survey found that while actuaries had a divorce rate lower than 20 percent and that of physicians was just above 20 percent, the divorce rate for bartenders and gaming managers was higher than 50 percent. Overall, occupations that focused on science and math tended to have considerably lower divorce rates than the 2015 average of 35 percent while those in jobs that dealt with transportation or night life had higher ones.
Social Security benefits after divorce
Many Texas divorces affect the Social Security benefits of one or both parties. Social Security tends to be an asset that is not as often thought about as more tangible benefits like real property or investments. Even so, understanding the impact a divorce has on Social Security is a vital part of post-divorce financial planning, especially for those over the age of 62.
Background on the collaborative law divorce process
Texas spouses may be considering the collaborative law divorce process to finalize their divorce settlements. The benefits of collaborative law are what tend to draw people to resolving their divorces in this fashion. Couples tend to settle their divorces faster, more economically and less stressfully through collaborative law proceedings than through other methodologies.
How to prepare for mediation
Some Texas couples who decide to divorce might want to use mediation as a way to reach decisions on child custody, property division and other issues. Since the aim of mediation is to reach a solution that works for both people, couples may be more satisfied with the outcome than if the decision was made by a judge. However, in order for mediation to work best, there are several things a person should do to prepare.
