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Tackling common divorce financial challenges

Marriage offers an opportunity for Texas couples to blend their strengths, such as one partner taking on the financial planning role and the other focusing on home maintenance and child care. This benefit can prove costly in the case of a later divorce, and it traditionally ends up being women who suffer most. The partner who did not practice and improve financial skills over the years of marriage can be at a loss during property division negotiations and after the divorce.

There are steps that people in this position can take to improve their chances of weathering the coming financial challenges. The first is psychological. Those who are new to the income-producer and money-manager roles may be fearful of the change, yet embracing the new roles is the remedy for this fear. From the practical standpoint, this requires some brainstorming over long-term goals, changes to retirement plans and options for improving income.

The biggest change after the end of a marriage is splitting one household into two with the same income. Even with child and spousal support, the recipient is likely to maintain the same standard of living without an increase in income. Early steps to decrease reliance on support payments, by cutting expenses and advancing career options, can mean the difference between prolonged emotional stress or confidently overcoming financial challenges.

Preparing for life after divorce is a positive step for people facing the emotional stress of this major life change. Preparations can be made easier with careful negotiations handled by an experienced family law attorney.

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