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Understand the ins and outs of financial planning in marriage

While couples do not necessarily plan to breakup in Texas or anywhere else in the country, things happen, situations change, and divorces occur. This is one reason that both partners in a marriage may want to understand the family's complete financial condition. In a marriage, there is often one person who pays the bills and manages the household finances, but this common practice could cause difficulties later.

All states now have no-fault divorce laws

The holiday period is a time of family gatherings and a source of joy for children, which is why couples in Texas and around the country with unhappy marriages often wait until January to file for divorce. The American Academy of Matrimonial Lawyers reports that divorce filings rise by about 25% in January, and figures from the United Kingdom suggest that about 20% of British married couples plan to file for divorce after the holidays. However, the overall rate of divorce is falling. Another report from the AAML reveals that the divorce rate in the United States is the lowest it has been since the late 1970s.

How retirement savings could be affected by divorce

Texas residents who are considering a divorce should be fully aware of its financial implications. Since many are saving for retirement, they may wonder what will happen to their 401(k) or other retirement accounts. While each situation is different, there are a few basic things to expect.

Social media could be invaluable during a divorce

Social media activity has been known to result in complications when Texas couples get divorced. One spouse may attempt to use their ex's posts or photos against them to get custody, spousal support or additional property. However, when used responsibly, social media could benefit someone while they go through the divorce process.

How divorce impacts business assets

When business owners in Texas get divorced, they may be putting the future of their companies at risk. This is because a spouse may obtain a portion of the company or its assets as part of a final divorce settlement. If a company has multiple owners, everyone's future could be influenced by the outcome of a divorce even if they aren't directly involved in it. One way to avoid a potential disaster is to have a buy-sell agreement.

Planning for the future after divorce

People going through divorce in Texas may struggle with difficult times. The emotional, practical and financial consequences of the end of a marriage can lead to depression, uncertainty and isolation. Even though divorce is almost always a challenge, there are a number of steps that people can take in order to help themselves move forward and get through a difficult time. The period after divorce offers a chance for a fresh start, and that new beginning can be hopeful and positive for many people.

Study find happier newlyweds less likely to divorce

When Texas couples consider ending their marriage, they often wind up struggling over issues related to money. Whether they're dealing with retirement funds, the family home or ongoing support, issues over asset division can be some of the most significant in any divorce. After all, the financial effects of a divorce can linger on long after the personal and emotional issues have been resolved years before. Because of the importance of these issues, many people think that finances are a major cause of marital unhappiness and stress. While this may be the case for some people, one study found that other issues were more indicative of future problems,.

People should avoid assumptions about will happen during divorce

Not every marriage in Texas stands the test of time. Spouses can grow apart and choose to live separate lives. Family law directs the terms of a divorce, but each divorce represents a unique transaction. People should not assume that their child custody arrangement, alimony agreement or division of property will mirror those of other people.

Financial impact of gray divorces

In Texas, an increasing number of seniors are choosing to get divorced. Divorces after age 50 are called gray divorces, and they have more than doubled since 1990. These gray divorces can present unique challenges for older adults. Since they are closer to retirement and have potentially amassed substantial assets during marriage, the property division process can be more difficult.

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