Is Divorce the Best Financial Option for Your Family?

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It sounds terrible to even think about money when trying to save your marriage. However, with the economy the way it is, it’s something you have to take into consideration. Some couples contemplating divorce may decide that it’s just not the best financial option. Instead, they either stay together or separate.

In an ideal world, you could get divorced without thinking about your finances. However, in an ideal world, couples would stay in love forever. You have to be practical when making these big decisions. It’s a good idea to talk to an experienced divorce lawyer in Houston before you make any final decisions.

Ironically, money is the biggest reason why couples break up. And, also ironically, it’s the reason a lot of couples decide to stay together. There are a lot of monetary consequences involved with a divorce, and it may not always be the best financial option. You may not be aware of these consequences when you and your spouse try to decide what to do.

If you’re contemplating a divorce, you need to meet with a skilled divorce attorney in Houston first. Let them explain how the divorce process works. They can also answer any questions you may have.

It Can Be Expensive to Get a Divorce

You’ve probably heard horror stories about how expensive it can be to hire a divorce lawyer. And while most of these are exaggerated, the fact is, it does cost money to get divorced.

If you and your spouse can agree to most issues, it won’t be that bad. Your Houston divorce lawyer is only going to charge you for the work they have to do. If you already have most of the issues ironed out, it may just be a matter of filing the complaint and drafting the marital settlement agreement.

If this is the case, then it may be best for you to file for divorce. However, if you have a feeling that your divorce will be contentious, you need to talk to a skilled divorce lawyer in Houston about the costs. If it’s more than you can afford, you may want to consider a separation instead,

Your attorney can help draft a separation agreement. Then, after a few months, if you still want a divorce, you can file for one.

Consider the Tax Implications

There are tax implications to getting a divorce. Filing separately can cost you a lot of credits and exemptions. You need to sit down with an experienced divorce attorney and let them explain how a divorce will affect your taxes.

It could be a simple matter of timing. If you time things right, you can get divorced after December 31. While this may sound strange, it buys you an entire year of filing jointly. This can make a big difference when it comes to your tax refund.

If you do choose to separate instead of getting divorced, you can buy some time. You can continue to file jointly for a certain period of time even if you’re living apart. Just check with your Houston divorce attorney before you decide to do this.

It Will Be More Expensive to Maintain Two Households

Living in Houston is expensive. If you’re having a difficult time paying your bills now, imagine how hard it will be with two houses. If you get divorced, chances are you may have to pay alimony. If you have kids, you’ll be paying child support as well.

Your Houston divorce attorney will do their best to reach an agreement that is fair. As long as both spouses are willing to compromise, this may be possible. However, if the two of you can’t agree on the fundamental issues, you’re going to have problems.

You also have to keep in mind, you may have a mortgage to maintain. While you’re waiting to sell the house, you’ll have to continue paying the taxes and mortage on your home. Depending on how much this is, you may not be able to afford it.

Contact an Experienced Divorce Attorney in Houston Today

If you’re thinking about getting a divorce but don’t know if you can afford it, you’re not alone. Not a lot of people talk about it, but there’s nothing wrong with having this concern. You need to call and speak to an experienced divorce attorney in Houston. They can answer any questions you may have. They can also help you decide if divorce is the best financial option for you right now. Call Eddington & Worley today.