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Financial matters can be major concerns during divorce

On Behalf of | Nov 29, 2017 | Divorce

Spouses in Texas dealing with the end of a marriage may be beset by emotional concerns; however, financial concerns and questions can loom just as large for people heading toward divorce. This is especially true as a growing number of couples opt for divorce at older ages with potential impact on the retirement and savings plans of both spouses. Since the 1990s, divorce rates for people over 40 in the United States have risen; for those over 50, the rates have doubled.

When considering divorce, it is important to have a full understanding of the financial picture of the household. It can be important for both partners to gather more knowledge about marital finances, especially if only one member of the couple handled financial matters in the past. Professionals can help divorcing spouses learn more about their financial outlook.

Dealing with the marital home can be one major financial factor in a divorce. When a couple jointly owns a home, figuring out what to do with the house can be a major concern. In some cases, one spouse keeps the house after some form of buyout for the other partner’s equity, whether directly in cash or through the distribution of other marital assets.

In other cases, the divorcing couple sells the home and splits the proceeds, allowing each party funds to deal with their future housing plans. However, in some cases, a divorcing couple may choose to keep joint ownership of the primary home for a period of time due to concerns for children, real estate costs or other concerns.

When a couple is headed for divorce, it can be important for each spouse to retain legal counsel. A divorce lawyer may advocate for a divorcing spouse’s interests whether financial matters are contested or being handled amicably. Advice from a family law attorney can also help to ensure that a divorce settlement meets all the guidelines of state law and addresses the complex issues that can arise during asset division.