Divorce Can Take A Heavy Toll On Your Finances

On Behalf of Steele Law Firm PLLC | May 12, 2020 | Uncategorized

If you recently navigated divorce proceedings in a Texas court, you may have already encountered numerous emotional, physical or financial challenges as you adapt to your new lifestyle. If you’re a parent, all three issues might be intensified as you do your best to provide encouragement and support to your children.

Whether you have been at home full-time for a number of years while raising your children or have worked from home or outside the home, it’s logical to assume that your personal finances might change when you become the sole provider in a single parent household. In fact, divorce can spark serious financial distress in many cases.

Can you relate to these issues?

Especially if your children are involved in extra curricular activities, as most Texas kids are nowadays, financially supplementing needs associated with those activities can be quite expensive. When you go from being a dual-income household or from relying on a spouse’s income to having to meet such needs on your own, it can be financially burdensome.

On the other hand, perhaps, your current financial struggles have to do with paying child support. While you willingly agreed to a payment plan because you want to provide for your children, maybe you suffered an unexpected drop or loss of income that placed you in dire straits financially.

Property division can prompt crisis, too

Texas is an equitable property state, meaning the judge overseeing your divorce would have determined a fair split of all marital assets. Beyond that, however, the court also divides any and all liabilities that it determines are owed by both spouses when they divorce.

Having two incomes to rely on to pay down debt is one thing. Suddenly taking on half of all existing marital debt is another. You’re definitely not alone in your struggle if this type of situation has caused you financial distress. Many people find themselves in need of immediate debt relief after divorce.

Laying the groundwork for a stronger financial future

Just as you don’t want to spend the rest of your life in an emotional rut because of your divorce, you also hope to restore financial stability, especially in regard to expenses and debt you’ve incurred in the fallout. 

Many Texas residents are able to get things back on track after divorce by exploring debt relief options such as bankruptcy. Such programs can serve as valuable financial tools to help eliminate existing debt and set the stage for restored financial stability down the line. There are numerous types of bankruptcy, each with its own set of eligibility requirements, which is why it pays to speak with someone well-versed in such issues before determining a best course of action.

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