Austin Texas Family Law Blog

Managing finances can understandably be tricky during any stage of life. However, it can be particularly challenging during and after the divorce process in Texas. Here are a couple of tips that may help divorcing individuals to successfully assume the role of chief financial officer during and following their marital breakups.

First, it is best to remain as calm and neutral as possible when tackling finances in divorce proceedings. This is because objective decisions are required to achieve a fair and comprehensive result, particularly when children are part of the mix. Staying calm may help to focus on using logic, rather than emotions, to address these important issues.

No two couples' marital dissolution situations in Texas will be the same. However, one thing is for certain: divorce is a messy and difficult process both emotionally and financially. Here are some important truths about ending a marriage that any individual headed toward divorce would benefit from knowing.

First, two spouses' process of getting divorced may mirror their marriage. For instance, perhaps both parties fought often during their marriage. Chances are that their divorce process will not be extremely peaceful. The reality is, if the two individuals did not communicate well when they were married, they will likely still struggle to do this as they work to end their marriage.

As a general rule of thumb, it is a good idea for married individuals to be prepared for when they may eventually be single due to marital dissolution. This is important given that research indicates that more than 40% of marriages end in divorce. Here is a look at a few pieces of information that individuals should ideally know before getting divorced in Texas.

First, it is paramount that married parties understand what they and the other party own and owe. For instance, two parties might both own the marital home. However, only one individual may own the car. Likewise, the two parties might have their own separate debts or share certain debts.

The rate of marital dissolution appears to be on a downward trajectory across the United States, including in Texas. Research shows that divorce has receded during the past three decades. However, it remains enough of a challenge today that young adults especially are putting marriage on hold longer.

According to research, 40% of people's first marriages end in marital breakups, and this figure is 60% for second marriages. Many young adults appear to be apprehensive about divorcing after experiencing their parents' divorces firsthand. For this reason, they have a greater likelihood of remaining unmarried and instead cohabiting compared with other age groups. Unfortunately, researchers said that this can actually increase a person's chances of getting divorced in the future.