Texas residents who are facing a divorce as a result of financial strife might wonder what went wrong. Because of financial trouble and disagreements over how to handle money, many marriages end prematurely. According to a 2017 study from Experian, 59 percent of divorced couples cited financial problems as playing a role in their divorce. A fifth said financial problems played a major role while just over a quarter specifically named their spouse's credit scores as a source of financial distress.
Most couples planning to marry in Texas don't think about what may happen in the event of a divorce. Still, circumstances and feelings can evolve over time. If children are involved by the time a marriage ends, things can be even more complicated. Because parenting doesn't end after the marital knot is legally untied, parents should take steps to be sensitive to their children's needs during the transition.
While couples tying the knot in Texas often have visions of being together forever, there are many potential sources of stress that can have a big impact on marital relationships. The biggest one, according to a survey of more than 2,000 adults, is money. Not surprisingly, couples who are pretty much in sync financially are less likely to split because of money issues. Conversely, spouses with significantly mismatched credit scores are more likely to separate within five years of saying, "I do."
Now that you and your spouse are divorcing, you are concerned about your finances. In particular, you worry about spousal support and alimony. Whether you are concerned about paying spousal support or receiving it, this major issue will no doubt have a significant impact on your future.