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Divorce and making financial decisions

Texas couples who are ending their marriages might be concerned about many aspects of their finances and property division including whether to keep or sell the family home. An impending divorce might feel especially stressful from a financial standpoint for a person who has traditionally not dealt much with the family finances and who is approaching retirement.

For example, for a person in such a situation, the prospect of getting a home on which the mortgage has been paid off could be tempting. However, the home could carry many hidden expenses including the need for upkeep and expensive repairs. A better solution might be for the individual to sell the home, split the proceeds and downgrade to a smaller and more affordable place.

Getting a credit report is another important step. This can help people check whether or not their spouse has any lines of credit in their name and can also give them a place to start from in separating their credit from their spouse's. For those who are concerned about retirement, in many cases, it may be possible to draw Social Security benefits based upon their former spouse's earnings history. However, people should also consider whether they need to modify their lifestyle and how they might supplement Social Security income.

Since Texas is a community property state, one of the first things that must be determined regarding property division is what counts as marital property. This is determined based on a number of factors including whether or not a couple has a prenuptial agreement or whether they have commingled inheritances or assets they brought into the marriage. People who do not know much about finances and who are concerned about their financial stability after they divorce might want to discuss those concerns with an attorney.

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