While divorce may have serious emotional consequences, it can have a significant financial effect as well. Both parties to a marriage that is going through a divorce can be impacted financially. However, being aware of the consequences ahead of time can help those in Texas and elsewhere adequately prepare and be ready for these challenges.
The first aspect to be aware of is the cost of divorce. For many individuals, a cost of $20,000 is the average amount to pay for a divorce. This figure includes paying for lawyers, experts, real estate costs after dividing up a shared property, relocating to a new home, financial advice and therapy for an individual and any children. However, these costs can vary widely, and can be much lower in an amicable divorce in which terms have been predetermined and the spouses have communicated with each other.
Alimony is another aspect that should be considered. Despite public perception to the contrary. spousal support is not solely for women. It is designed to provide monetary assistance for either spouse who was financially supported throughout the duration of the marriage. According to a recent survey, a significant percentage of divorce attorneys have seen an increase in women paying both alimony and child support to their former spouses. Alimony may come in the form of a lump-sum payment, regular payments for a specific period of time or in another arrangement approved by the judge, and is normally tax-deductible.
Texas family law lawyers may be able to assist individuals who are going through divorce. They may be able to provide advice and counsel about matters that are often contested, such as child support, spousal support and property division.
Source: Forbes, “What every man needs to know about the financial side of divorce“, Hayley Krischer, September 27, 2013