The emotional aspect of divorce often overshadows its financial effects. However, rebuilding finances following divorce is typically an invaluable part of a person’s overall recovery. Here are a couple of tips for navigating financial challenges following a Texas divorce.
Recovering financially from divorce
People who have gone through divorce may need to master how to accomplish more with fewer funds. For instance, they may need to change their spending habits since they can no longer rely on the other party’s income streams. They might also need to adapt to new budgets and delay retirement.
Individuals going through marital breakups should ideally work to replenish their savings as well. Creating microgoals — small and specific steps that may help with achieving bigger goals — may help individuals avoid feeling overwhelmed when rebuilding their financial safety nets post-divorce. This may mean saving $100 per month initially and then increasing the amount to $300 and eventually $500.
A family law attorney is essential
Figuring out finances after a divorce can be daunting, but a family law attorney in Texas may make this process easier by helping an individual make educated financial decisions related to the divorce proceeding. For instance, an attorney can help him or her seek a fair and comprehensive settlement at the negotiation table about property distribution, debt division, child support and spousal support. The attorney will strive to ensure that his or her client’s rights and financial best interests are protected during each phase of the divorce proceeding.