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Major life changes—such as remarriage after divorce or an unexpected pregnancy—can significantly reshape your financial future. Along with the emotional impact, these transitions bring legal and monetary consequences that require thoughtful planning. This is where family law financial decisions become especially important. Whether you are blending families, managing child support, or taking on new financial obligations, a strategic approach can help protect your assets. It can also clarify your responsibilities and promote long-term stability. Working with both a family law attorney and a financial advisor allows you to make informed family law financial decisions. These decisions can align with your personal goals and legal obligations, ensuring you are prepared for whatever comes next.
The attorneys at the Law Office of Bryan Fagan, PLLC, want to highlight a few key life events and examine how each can affect your financial future. Rather than relying on common catchphrases like “Having a kid is expensive!” or “Marriage is grand, but divorce is fifty grand,” we aim to offer meaningful insight. Our goal is to equip you with the knowledge you need to make informed financial decisions during major life transitions.
Getting married and starting a family
Clicking on our blog today might surprise you with family law attorneys discussing marriage rather than divorce. Deciding to marry or live together as a couple and then have children requires informed consideration of associated issues. Many people have limited financial flexibility and can’t afford costly mistakes. These decisions often carry serious financial consequences. This is especially true for those who have experienced divorce before. Remarriage requires active participation in financial planning with your spouse. Clear communication and smart choices help protect your long-term financial stability.
Remember that most of the property and income you and your spouse acquire during your marriage will be considered community property. The property you owned before marriage or brought from a previous marriage remains your separate property. The same applies to your future spouse’s separate assets.
If you exited your first marriage with debts you didn’t personally take on, consider discussing them with your spouse. Talk about your family’s opinions and approach to debt.
What debts should be paid off first? Will you both use debt moving forward?
The hardest part of carrying debt long-term is that the money used for repayment cannot be invested to build future wealth. Being bitten by the debt bug may be enough to swear you off the subject altogether. Communicate this to your fiancé and see where the discussion takes you.
Decision-making regarding property
Once you remarry, the way property is owned between you and your spouse changes. If you want to keep something as your separate property—something that would otherwise become community property—your best option is to create a premarital agreement before the wedding. This legally binding document designates that particular property as either community or separate.
For instance, if you incurred a debt you incurred in your first marriage that you and your fiancé agree should be separate and not subject to division in your divorce, then you can isolate that debt as your individual property in the premarital agreement.
It may not be romantic, and it may be challenging to discuss, but you may want to ask your fiancé to pull their credit report, and you can do the same. Take a look to verify all your accounts are correct and to confirm any balances with creditors. Now is a better time to find this information out than after you have said, “I do.” Plan instead of going back in time to erase a prior mistake.
Finally, find out whether your fiancé has any outstanding child support payments. You should also ask if he has any current obligation to pay child support at all. This is an important conversation to have early. You may be surprised to learn that some people only discover their spouse has a child from a prior relationship after they are already married. This is a financial commitment that can stretch years into the future depending upon the age of your fiancé’s child.
If you don’t have children currently but are considering starting a family, you should be aware that time and money before the rarest and the most important of commodities once you bring a little life into this world. It will seem like you can never have enough of either.
My advice in this section is not intended as legal advice but rather as guidance to help you avoid mistakes that could lead you to need a family law attorney later on.
It is important to remember that deciding to have a child can affect your work life. You or your spouse may need to reduce work hours. In some cases, a job change may be necessary. These changes can impact your finances and daily routine. For that reason, it is essential to discuss these issues in advance. Talking through expectations before having a child can help prevent problems once your little one arrives. Arguments and conflict in an already high-stress environment can lead to a breakdown of your marriage.
Above all else, focus your attention on your child rather than on ancillary issues that could have been resolved before your child was born.
From a financial perspective, it is not uncommon for a stable family to find itself doing a complete 180-degree turn if either you or your spouse files for divorce. Aside from the emotions associated with divorce, your divorce will be a financial transaction.
As crude, crass, or unfair as it seems, that is an inescapable truth from my experience. Whether it is dividing up the property, income, or retirement savings, there are many financial implications connected to your divorce.
In Texas, the court considers retirement income accrued during your marriage as community property, making it subject to division. There are specific requirements for dividing many retirement plans that your attorney can discuss with you. You will need to learn what retirement plans you and your spouse have under your names and the requirements of each plan to divide them upon divorce.
Additionally, if you and your spouse were married for more than ten years, you can apply for Social Security benefits based on your ex-spouse’s work record, as long as you remain single when you apply. While your ex-spouse is alive, you can collect half of the benefits they are entitled to. You can receive benefits based on your or your ex-spouse’s work history- but not both.
Conclusion
Whether you are considering remarriage after a divorce or preparing for a new child, thoughtful family law financial decisions are essential. These major life changes carry emotional significance, but they also require careful planning to address legal rights, responsibilities, and long-term obligations. Important steps may include updating estate plans, revising child support arrangements, and reassessing assets and debts. Taking a proactive approach helps ensure your financial choices align with your values and future goals. By working with a family law attorney or financial advisor, you can anticipate challenges, avoid costly missteps, and create a more secure foundation for the next chapter of your life.
More on the financial implications of family law issues to be discussed tomorrow.
Stay tuned with us tomorrow. We will complete our discussion on family law issues and their potential impact on your life from a financial perspective. After reading our blog today, please contact the Law Office of Bryan Fagan, PLLC, for a free-of-charge consultation if you have any questions. Our licensed family law attorneys can meet with you to answer questions and discuss your specific circumstances.
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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, Divorce Lawyers right away to protect your rights.
Our divorce lawyers in Houston, 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.
