A hurdle for some considering divorce is the financial ramifications. It not only forces couples to divide up property and debt, but it also takes away an income source.
Marital finances become front and center in a divorce. It is a significant source of concern for many couples, and rightfully so. The instability of the current and future financial picture may prove worrisome. Explore three of the common financial questions people ask in divorce.
1. How does the court divide money?
Under Texas law, the court splits marital property in a fair fashion. The judge examines various elements of the couple’s relationship dynamic to arrive at a figure it deems equitable. This knowledge may help assuage some fears about property division.
2. Who pays for childcare?
Caring for children physically and emotionally ranks high for parents going through a divorce. If one spouse is reentering the workforce, the stress of finding childcare and paying for it may prove troubling. A requirement of divorces with children is child support calculation, which includes daycare.
3. How to become self-sufficient?
An unemployed spouse may feel helpless before and during a divorce. The court may consider awarding spousal maintenance to help. Some of the criteria a judge may consider include:
- The spouse does not have the financial means for support, even after property division
- The marriage lasted ten years or more
- No personal income because the spouse remained home to care for children
Spousal maintenance typically terminates after a specific time. This allows the unemployed spouse to get back into the workforce and become more financially independent.
Consider getting into better financial shape by creating a budget with the insight gained through the divorce. Doing this may make the future less worrisome.