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Women's finances after divorce

When Texas couples divorce, both can expect to experience changes in their financial situation. In some cases, these changes are temporary, although there are some situations in which one or both parties will have to make long-term adjustments to their budgets. Women are often the ones who have to do so.

Historically, women have earned less than men due to a variety of factors including the fact that many women take a break in their careers after having children. As a result, a woman may not have the same earning power as her husband. She may also have less in the way of investment and retirement funds available to her.

As a result, it is important for women to review their finances immediately after the divorce. This is true even if she has received a good property settlement in a high asset divorce or receives alimony or child support. Support payments are often temporary, and since women live longer than men, a long-term financial plan is necessary. Financial professionals note that divorce can be a good time for a woman to reassess her career and financial goals. She may benefit from working with a financial planner who can assist her in making the most of the funds she has access to while also planning for a future that includes retirement.

Another professional who can be of assistance at the outset of the process is a family law attorney. While Texas is a community property state, this does not mean that marital assets have to be divided exactly equally. An attorney can often assist in negotiating a property division settlement agreement that protects the client's financial future.

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