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Making a financial plan after divorce

When a Texas couple gets a divorce, the standard of living for both might fall, but this is especially likely to happen to women. On average, the income of women is still about four-fifths that of men. One reason for this is that women are more likely to take care of children or older relatives. This means they may be available to work fewer hours, and this leads to fewer opportunities to advance their careers and save money.

The person who is not the breadwinner may also be less familiar with family finances overall despite being responsible for paying some bills. This may make it more difficult to make a financial plan for after the divorce.

It is important to not delay in making this plan. A number of elements should be taken into account including goals, income, assets, debts and expenses. Spousal and child support are likely to be temporary, so it is better to make a plan that does not depend too much on these as a source of income.

In a community property state like Texas, unless the couple have a prenuptial agreement, most property acquired after marriage is supposed to be split 50/50. A couple may negotiate their own agreement, however. Many assets may mean a more complex divorce, and in some cases, there may be complications such as dividing a business. However, making a plan ahead of time with the assistance of an attorney may help a person avoid making hasty decisions during the process of property division.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Turner, Bruce E.
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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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