An update on COVID-19 Precautions
 
In response to concerns about coronavirus in North Texas, we are minimizing face-to-face contact for your safety and peace of mind. Since most interactions, including consultations, can be handled by phone or email, we request that you assist us in limiting in-person contact unless you require a personal meeting. Will executions continue to be handled in the office while maintaining as safe a distance as possible. For those concerned about payments, we can accept payments via phone and mailed checks.
 
The welfare of our staff and clients is of utmost importance, as is continuing to provide the highest level of legal service. Thank you for allowing us to assist you and others in this time of uncertainty.
An update on COVID-19 Precautions
 
In response to concerns about coronavirus in North Texas, we are minimizing face-to-face contact for your safety and peace of mind. Since most interactions, including consultations, can be handled by phone or email, we request that you assist us in limiting in-person contact unless you require a personal meeting. Will executions continue to be handled in the office while maintaining as safe a distance as possible. For those concerned about payments, we can accept payments via phone and mailed checks.
 
The welfare of our staff and clients is of utmost importance, as is continuing to provide the highest level of legal service. Thank you for allowing us to assist you and others in this time of uncertainty.

Guiding You Through Complex Legal Matters

Guiding You Through Complex Legal Matters

Protecting your finances as a breadwinner in a divorce

| Dec 13, 2019 | Firm News

If you are the primary breadwinner in your family, you may worry about how a divorce may affect your finances. Will Texas’ community property laws force you to split everything you own 50/50 with your spouse? 

Community property state laws do mandate 50/50 splits, but not all assets in a marriage are marital property. Each situation is different, but there are ways to secure assets before, during and after marriage. 

Keeping assets separate 

NerdWallet reminds married people that their assets can remain separate. You may believe that prenuptial and postnuptial agreements are for the rich and famous, but they can serve any socioeconomic group. 

Here are other steps you may follow: 

  • Keep careful records of who brought what into the marriage 
  • Consider the funds used to purchase, build or renovate a home 
  • Consider which spouse goes on the title and loans for each asset 
  • Use joint accounts for joint expenses and individual accounts for everything else 

Avoiding money mistakes during a divorce 

When a divorce becomes imminent, there are other aspects you should consider as you prepare. CNBC recommends checking your personal budget as a starting point. How much will you need to get by on and will you need to downsize? If asked to pay spousal support, how much can you afford? 

It is also important to start looking up financial accounts and documents. You may need to figure out how to split the retirement account and what tax complications may arise from taking this route. It may also be time to revise and update all the estate planning you may have done before. 

When breadwinners divorce, they often feel guilty for leaving financially dependent partners on their own. This may cause them to agree to give up more in the short term than they can afford to keep up with in the long run. Prioritize fairness in a divorce but remember the importance of maintaining your financial stability as well.