When Texas couples get divorced, the marital assets that they have spent years obtaining will be split. Furthermore, those assets, which often include financial assets, must now cover two full households instead of one single household. Depending on the ages of the individuals getting a divorce, splitting assets can have a major impact on how long those assets will last when it is time to retire.
However, single women who go through a divorce are generally better off going into retirement compared to women who never got married. This is often due to the fact that many wives are given the family home in the divorce, especially if they are given primary custody of the children. While the children are generally expensive to raise, ex-wives can also tap into their home’s equity.
Even so, many financial planners recommend getting rid of the family home during a divorce. The home still takes money to run and keep in good condition. In addition, the person who keeps the home will also be responsible for covering the mortgage, property taxes and potentially homeowners association fees. The person keeping the home may also have to give up other assets to make the divorce as fair as possible.
When going through the divorce process, a spouse may not fully understand the consequences of splitting up the marital funds and other property, especially if he or she is nearing retirement. A family law attorney may assist by walking a client through the consequences of keeping certain property, such as the family home, once the divorce is finalized. Furthermore, the attorney could determine if the client may be eligible for spousal support payments.
