Many divorcing spouses in Texas go through major financial difficulties. For some, dissolving a marriage takes time and resources. The first step is to adjust the budget after losing the salary a spouse provided.
The assets one retains after a divorce can have a big impact on future finances. This is especially true when one ex wishes to keep the house. Those who have limited funds may struggle when making house payments, trying to refinance a mortgage and buying out the other spouse.
A couple may need to discuss contingency plans when forming a settlement agreement. It’s important to note that both parties could be liable for a joint debt if one person stops making payments. Additionally, a settlement could discuss what happens if one party becomes disabled or has another change in circumstances.
If the couple is divorcing later in life, it may also be necessary to discuss what will happen if one party dies while the divorce is being finalized. Due to the right of survivorship, a spouse typically becomes the sole owner of any joint property or assets when the other spouses dies. However, a couple could break joint tenancy to name others as heirs.
Older divorcees may also need new health care directives in case one partner becomes incapacitated. Without documents like a power of attorney, one’s spouse could end up making medical or financial decisions even while going through a divorce.
If a divorcing couple had any kids, child support and custody could also be major issues. Even older children may need support in the form of housing or college tuition. A lawyer could help a divorcing spouse come to a fair agreement with their ex.