Job growth, new home construction, increased collection of sales taxes and other indicators all point to Texas leading the way in our nation’s economic recovery. At the same time, it may be prudent for Texas couples facing life after divorce to carefully plan for their financial future. According to a recent financial advice article, the author suggests that just because a divorce becomes final, financial ties to a person’s ex-spouse do not necessarily end and that couples should plan accordingly.
The author advises that even though permanent alimony, also known as spousal support, is often crucial to a spouse who was not employed during marriage, some states are either limiting these payments or considering legislation to end them altogether. Therefore, it would be wise to consider planning for budgetary adjustments in order to become better prepared in the event of a change in the law.
Whether a spouse receives alimony depends on many factors including the length of marriage and respective income. The article suggests that couples carefully plan their future careers, consider downsizing their homes, become more diligent about saving money and attempt to gain a realistic estimate of their income and expenses.
Alimony issues continue to be a source for possible conflict in family Law matters. Couples may also find that their ex-spouse’s debts impact their credit report as well. Potentially creditors can pursue repayment from both spouses for unpaid loans or other collection actions. All these factors should be carefully taken into account when planning a post-divorce budget.
It’s always considered preferable if spouses can agree on these matters and arrive at a suitable compromise. For Texas residents who are facing possible spousal support issues, an experienced family law attorney may be able to help with such a compromise.
Source: Fox Business, “How to Financially Readjust for Post-Divorce Life“, Andrea Murad, August 02, 2013