Jamie Graham & Associates, PLLC

Starting over financially may be tricky following divorce

Taking care of finances both during and after a divorce can be overwhelming and emotional. Even the most well-thought-out financial plans might seem complex during the period of transition following divorce. However, a few tips may help with achieving financial security in the years following a marital split-up in Texas.

First, adjusting an existing budget is necessary to make it match one's new lifestyle following divorce. This is possible by first calculating the new household monthly income, including child and spousal support if necessary. Then, the income expected to be earned over the course of the following year can be estimated.

Considering the children's futures is also important. Important milestones need to be considered, such as paying for private school for the children, covering their college tuition or covering their weddings. In some situations, an ex-spouse may be willing to help with covering these expenses for the children. In addition, the children may even be able to contribute funds if they are old enough to do so. As every important event draws near, it is important to be upfront with the children about what is financially feasible so that realistic expectations can be set.

Starting over after a divorce in Texas can understandably be difficult, not only relationally but also financially. However, an attorney can help with making decisions regarding the division of assets or alimony -- for example, which may make life a little easier than expected financially, after a divorce has been finalized. The goal following divorce is to be able to maintain as good of a standard of living as possible while still putting money aside for retirement and other future obligations.

Source: wickedlocal.com, "Finding financial stability after a divorce", Alan F. Auteri, May 9, 2017

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At Jamie Graham & Associates, PLLC, we have received a variety of honors and awards for our family law services. Members of our team have been listed as Top Lawyers in San Antonio Scene magazine. We take pride in the number of positive reviews we have received from satisfied clients. On AVVO, a lawyer rating website, we have received an 8.9 rating overall and many positive ratings from clients and colleagues.

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