Navigating Divorce Amidst Financial Challenges

In the United States, money troubles and disputes related to finances top the list as the leading causes of divorce. When spouses find themselves at odds over financial matters, it can be a harbinger of doom for their marriage. This is due to two primary reasons.

Firstly, being out of sync with your spouse on financial matters can reveal underlying issues in your communication and collaboration skills, extending beyond just money-related problems. Chances are, if you can engage in constructive conversations about money, you are also more likely to effectively communicate about your children and other crucial aspects of your marriage. In this context, discussing finances often serves as an early warning system for the overall health of your marriage.

Second, financial discord can be a foreboding sign for your marriage lies in the sheer practicality of what you’re fighting about. If money is a constant concern for your family, it means that fundamental aspects of life – such as food, shelter, clothing, and your children’s education – may not be receiving the attention they deserve. If discussing money is challenging during prosperous economic times, imagine the strain it would put on your marriage during less favorable circumstances.

Handling Divorce When Finances Are a Concern

As previously mentioned, financial stress and anxiety are primary triggers for divorce in the United States. Most married individuals endure a great deal of hardship before making the emotionally and financially taxing decision to proceed with a divorce.

The best divorce attorney would counsel clients that when a marriage’s liabilities begin to outweigh its benefits, it’s time to consider divorce. However, it’s worth noting that very few people rush into divorce for trivial reasons; rather, it’s often the culmination of long-standing marital problems.

If money is the root cause of your marital issues, a significant change in income, such as job loss or reduced earnings, may prompt you or your spouse to contemplate divorce. It’s crucial to carefully assess the situation and formulate a plan before taking any steps toward divorce.

Conduct an Honest Financial Assessment

Start by evaluating your current financial situation. What is the value of your home? Have you been actively saving for retirement? Can you list all your credit cards and the associated debts on each?

This assessment will help you understand your options during and after the divorce process. Will you have enough savings to secure new living arrangements, or is moving in temporarily with family a more realistic option? These are the critical questions to address before embarking on a divorce journey. It’s advisable to have a problem-solving session with the best divorce attorney you can hire to explore your best course of action.

Assess Home Equity

Consider the equity in your home. If the home were to be sold or one spouse bought out of it, would there be equity, or would you owe more on the mortgage than the property’s market value? If both spouses’ names are on the mortgage, refinancing may be necessary to release the departing spouse from future mortgage obligations. However, getting approved for a refinance, especially during economic downturns, can be challenging.

Evaluate Investment Holdings

Financial challenges during tough economic times can impact not only your income and savings but also your investments. The nature of your investments will influence how settlement negotiations unfold. Investments that are less dependent on stock market fluctuations, such as pensions, tend to remain more stable during economic downturns.

If your investments are in assets like a 401(k), IRA, or mutual funds, their value may have significantly decreased. While it’s likely that the stock market will recover over time, you may need to postpone your planned retirement date.

Finding the Best Divorce Attorney: Your Advocates in Good and Bad Times

Regardless of whether your family is experiencing prosperity or facing challenging times, having the best divorce attorney who can advocate for your interests in a divorce is crucial. At the Law Office of Bryan Fagan, PLLC, our dedicated attorneys serve clients across southeast Texas, providing representation in court or during negotiations. If you want to learn more about our firm and services, don’t hesitate to reach out to us for a complimentary consultation. We’re here to support you through your divorce journey, regardless of the economic circumstances.

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Other Articles you may be interested in:

1. How to achieve a successful divorce from a financial perspective, Part Three
2. How to achieve a successful divorce from a financial perspective, Part Two
3. How to achieve a successful divorce from a financial perspective
4. How a mortgage is handled in a Texas Divorce
5. Should I Hide Money from my Spouse to Get Ready for my Texas Divorce?
6. Why is Separate Property Important and How to Keep it Separate in a Texas Divorce?
7. What Wikipedia Can’t Tell you About Texas Divorce and Marital Property Division
8. Texas Divorce Property Division Enforcement
9. Separate Property in a Texas Divorce?
10. Does it Matter Whose Name is on Title or Deed of Property in a Divorce in Texas?
11. Is Social Security Considered Separate Property in a Texas Divorce
12. Business Owners and Business Assets in a Texas Divorce
13. What to do when your divorce decree does not include a marital asset?

Law Office of Bryan Fagan, PLLC | Houston, Texas Divorce Lawyers

The Law Office of Bryan Fagan, PLLC, routinely handles matters that affect children and families. If you have questions regarding Divorce, it’s essential to speak with one of our Houston, TX Child Divorce Lawyers right away to protect your rights.

Our Divorce lawyers in Spring, TX, are skilled at listening to your goals during this trying process and developing a strategy to meet those goals. Contact the Law Office of Bryan Fagan, PLLC by calling (281) 810-9760 or submit your contact information in our online form. The Law Office of Bryan Fagan, PLLC, handles Divorce cases in Houston, Texas, Cypress, Klein, Humble, Kingwood, Tomball, The Woodlands, the FM 1960 area, or surrounding areas, including Harris County, Montgomery County, Liberty County, Chambers County, Galveston County, Brazoria County, Fort Bend County, and Waller County.

Bryan Joseph Fagan( Attorney )

Bryan Fagan, a native of Atascocita, Texas, is a dedicated family law attorney inspired by John Grisham’s “The Pelican Brief.” He is the first lawyer in his family, which includes two adopted brothers. Bryan’s commitment to family is personal and professional; he cared for his grandmother with Alzheimer’s while completing his degree and attended the South Texas College of Law at night.

Married with three children, Bryan’s personal experiences enrich his understanding of family dynamics, which is central to his legal practice. He specializes in family law, offering innovative and efficient legal services. A certified member of the College of the State Bar of Texas, Bryan is part of an elite group of legal professionals committed to ongoing education and high-level expertise.

His legal practice covers divorce, custody disputes, property disputes, adoption, paternity, and mediation. Bryan is also experienced in drafting marital property agreements. He leads a team dedicated to complex family law cases and protecting families from false CPS allegations.

Based in Houston, Bryan is active in the Houston Family Law Sector of the Houston Bar Association and various family law groups in Texas. His deep understanding of family values and his professional dedication make him a compassionate advocate for families navigating Texas family law.