For couples seeking a divorce in the state of Texas, each will face unique challenges depending on the circumstances surrounding their separation. For some couples, complicated decisions regarding child custody are inherent. For others, disagreements about spousal support will need to be solved. Then, there are other issues like separating assets that will require the attention and flexibility of both partners. One of the biggest changes that both people will face is an uncertain financial future. When people are proactive about protecting their financial health when a divorce is approaching, they may be better equipped to face the challenges head-on and maintain financial stability.
According to the Los Angeles Times, there are some specific ways that divorce affects a couple’s finances. These include the following:
- Changes in a couple’s income.
- Changes in the way each person will need to file taxes.
- Changes in the way childcare expenses are paid for.
- Changes to each person’s insurance policy and payments.
- The funding of required legal fees.
- Alterations to each person’s retirement planning and financial welfare.
Fortunately, there are ways that couples looking to avoid losing everything can better protect their finances by taking part in a collaborative divorce. U.S. News suggests a collaborative approach is beneficial for couples in more ways than one, but primarily in helping to maintain financial stability. A collaborative process requires a couple to work together to reach amicable agreements wherein both parties are able to compromise and reason to find a beneficial solution. When successfully undertaken, a couple can save considerably on unnecessary legal fees resulting from contentious disagreements.