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Divorce may impact your standard of living

When considering the financial ramifications of getting a divorce, you may be wondering about your potential standard of living after the split.

Divorce usually results in financial changes for both parties. Often the higher wage-earning spouses may see their standard of living increase after divorce while the lower wage-earning spouse or a spouse who has been a stay-at-home parent may face a decrease in their standard of living.

What does this mean for you?

It is important to work with a divorce lawyer who can identify what decisions may mean for you post-divorce and work with you on possible solutions to minimize negative consequences.

You still need to make the right decisions for yourself and your family. Your attorney should assist you with what to focus on during the divorce proceedings.

For instance, you may be tempted to hurry through the property division stage just to get the divorce over with. But rushing can lead to mistakes and oversights. Texas is a community property state, and this means there are assets subject to division that some people are not aware of. It may make it easier for your spouse to hide assets. You may overlook complex assets that you have a right to share, such as a pension plan There may be a business interest involved in the marital estate and the value of that business should be assessed.

Often it is best to take your time dividing property to make sure you get it right, even if that means that your divorce takes longer.

Above all else, it is simply important to know about all of the legal options that you have. The more you know, the more you can do to set yourself up for future success.

Catherine Benouis has years of experience and knows the financial consequences of divorce. She is committed to assisting her clients in finding outcomes that help set up clients for future success post-divorce.