When a married couple goes through a divorce in Texas, there may be one spouse that is left with a lot less money. If people earned less income during the marriage and didn’t save for retirement, they might have to petition for alimony payments in order to make ends meet once they are single.
Some former spouses may look back on their marriage and realize that they could have put themselves in a better financial situation with a little forethought. Although most married people don’t want to plan for the possibility of a divorce, every married person could benefit from understanding their finances. Learning about budgeting, investing and saving for retirement can help an individual to prepare for the unexpected.
Often, one spouse in a marriage takes on most or all of the financial responsibilities. Whether the financially astute spouse is the higher earner or not, they will be more prepared to modify their budget in the event of a divorce. If both spouses look at the budget and retirement plans during the marriage, the marital finances could benefit and both parties will have the ability to be financially independent should there be a separation, divorce or death.
A divorcing spouse who earned little or no income during the marriage may want to have representation from an experienced family law attorney during property division and alimony negotiations with the other party. An attorney may be able to help the lower-earning spouse negotiate a comprehensive settlement agreement that will allow them to cover their living expenses after the end of the marriage.