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San Antonio Family Law Blog

Divorce can have long-term impact on financial situation

When people get divorced in San Antonio, it is natural for them to be concerned about their finances. The reality is, the decisions made during divorce can have long-term implications -- good or bad -- for an individual's financial situation after the divorce. Fortunately, a few tips may help divorcing individuals to make wise financial decisions that will help them in the long run.

First, after filing for divorce, individuals may want to check their credit scores right away, as this will give them an idea of what their buying power will be in the immediate future. It will also give them a glimpse at any outstanding debt they have, which may come into play during the property and debt division process in their divorce proceedings. Checking credit scores every quarter is generally a good idea for any divorcing individual who specifically would like to improve his or her scores.

Tackling emotional, practical aspects of divorce poses challenges

Going through a marital dissolution is far from a simple process due to its complex emotional and practical aspects. This is the case even if two spouses were married for just a few years versus a few decades. Still, a handful of steps can help with navigating even the most complicated divorce proceedings in San Antonio.

For starters, it may be helpful for people to view their divorce proceedings as opportunities to grow, rather than as annoying hurdles to get over. However, it is important that they are patient themselves, as dealing with the grief that comes with divorce can certainly be challenging. During the divorce process, it is wise for individuals to also ensure that they are sleeping enough and staying hydrated, as this will give them the energy necessary for navigating the process from start to finish.

Certain factors contribute to higher divorce rates in some states

According to researchers, the rate of marital dissolution is nearly 50% across the United States. However, certain areas appear to feature higher rates of divorce than others do. Here are a few factors that contribute to higher or lower levels of divorce in various areas, including San Antonio.

First, the more stressful that life appears to be in a state, the greater one's chances of getting divorced there. Why? Because when people feel pressure related to their family situations, money or their jobs, this pressure can have an adverse impact on their relationships. When it comes to student loan debt in particular, states with lower levels of this type of debt have smaller divorce rates.

Getting organized early can improve your divorce outcome

There are many factors that can influence the outcome of your divorce, and the divorce process can present a variety of challenges. Because some aspects of your divorce will be out of your control, it can be beneficial to make the most of the elements you can control.

Your organization is one aspect of the divorce process that you can control. Although being organized may seem trite, it can have a surprising number of benefits, especially when done early in the divorce process.

Don't let a San Antonio divorce destroy your finances

When two spouses in San Antonio or elsewhere in Texas decide to end their marriage, it typically prompts numerous lifestyle changes. For those who have been married for many years, and especially for those who have children, divorce can be emotionally and financially challenging. Keeping several things in mind while preparing for proceedings can help keep costs as low as possible.

There is not a sole process involved. In fact, in most cases, spouses can customize the process to fit their particular needs and goals. For instance, those who wish to avoid confrontation and incur the least expenses often opt for mediation instead of litigating a divorce. Mediation takes place outside a courtroom, which helps keep fees to a minimum.

Writing down fears may help during divorce

After people in San Antonio decide to get divorced, they may experience stress and fear. They may not understand how the divorce process will impact their own lives and the lives of their children, if they are parents. It's been suggested that those affected may benefit from writing down their fears and then coming up with plans to address them one by one.

For example, perhaps an individual is worried about having to leave the family home after having spent many years there. In this situation, he or she could discuss with an attorney what his or her options are for remaining in the house, such as buying out the other party. The individual may also come to the conclusion that selling the home and using the proceeds to purchase a more affordable one may be in his or her best interest.

Gray divorce does not have to derail retirement

Engaged couples in San Antonio often dream of having storybook weddings with storybook endings. Unfortunately, sometimes, divorce is impossible to avoid, and in some cases, it happens when the spouses are over 50 years old. A couple of tips, however, can help people who are getting divorced at older ages to keep their marital breakups from derailing their retirement.

First, it would behoove those who are getting divorced over 50 to figure out their new cash flow each month as soon as possible. How much income will they have flowing in and out of their coffers after the divorce versus before it? Once they understand this, they can more appropriately reduce their expenses, boost their incomes or do both to keep themselves afloat financially.

Divorce can be tricky when a business is involved

Business owners in San Antonio typically do not marry with the expectation that they will get divorced down the road. However, the reality is that, sometimes, divorce cannot be avoided. Still, business owners can take some steps to protect their assets if they end up getting divorced.

First, business owners may want to put together prenuptial agreements prior to getting married, or they can create postnuptial agreements if they are already married. These agreements can spell out how business owners would like their companies valued and their assets split during divorce proceedings. These agreements can be helpful for facilitating resolutions and, thus, easing both a business owner's anxieties and those of his or her future ex.

Divorce mistakes can have costly outcomes

When couples in San Antonio are ending their marriages, one of the most common mistakes is sharing too much information on their social media profiles -- information that can ultimately impact the outcome of their family law proceedings. However, this is not the only faux pas made during the divorce process. A couple of other mistakes are common and can have negative financial consequences.

First, people often fail to do their due diligence when it comes to gathering important paperwork early-on. It is paramount that divorcing individuals collect bank statements and receipts showing how much they have spent on home improvements. They will also want to locate paperwork on their major assets, such as a home or car. With this information, it's possible to get a better idea of all of the assets that need to be divided and how much they are worth. This is necessary for ensuring a comprehensive property division outcome.

Divorce involving high-value assets features unique challenges

Getting divorced can be an unsettling process no matter what a couple's net worth may be in San Antonio. However, the stakes are understandably higher when wealthy individuals decide to break up. Here is a look at how a high-asset divorce differs from a typical divorce.

A key difference between a divorce involving high-value assets and an ordinary divorce is the types of assets that must be divided. Affluent individuals often keep their wealth in the form of stocks. In fact, during the past few decades, many affluent individuals have received stock options that are highly lucrative in companies that are rapidly growing.

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Law Office of George C. Ruiz, PLLC
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San Antonio, Texas 78207

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