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McKinney Texas Family Law Blog

Financial tips to help you start over after divorce

Divorce is never easy and neither is starting over after you have put pen to paper and signed the divorce decree. Not only will you no longer have your husband's income to depend on, but you may have to sell your home in McKinney. In fact, your biggest concern is probably how you will financially recover from the divorce.

With a little bit of planning, it is possible to prepare yourself, and your bank account, for divorce. Here are some tips to help your post-divorce finances.

3 reasons divorcing before January 1 is a good idea

Divorcing in January might seem like a bad time. It's just after the holidays and comes before tax season. The truth is that January could be the perfect time to divorce, depending on your situation.

Why would you want to divorce in January? Here are a couple reasons that you should consider.

  • You get a fresh start

How Updating Your Estate Plan After Divorce Can Save You from Unwanted Consequences

Many divorcees can agree that their ex-spouse is the last person they want inheriting their assets upon death or making their medical decisions upon disability, so save yourself further stress by updating your estate plan to reflect your life post-divorce.

Filing for divorce might be more complex than you realize

Divorce is a traumatic time for many adults. Some people are so desperate to get out of a toxic marriage that they try to get it over with as quickly as possible. Some even try to handle the divorce matters themselves instead of working with a professional.

Divorce in Texas isn't an easy prospect to contemplate doing on your own. The paperwork alone is intensive, especially if you have assets to divide or children who will need a parenting plan. Here are some other things to consider before you decide to handle a divorce on your own:

Sending Your Kids Off to College? Have Them Sign These Two Forms

A medical power of attorney and a durable power of attorney are essential to any estate plan, although not considered by most adults until nearing retirement, but why are these documents also important for young adults? Once children turn eighteen, parents no longer have the authority to make health care or legal decisions for their children even if they are still footing the bills-college tuition, insurance, and the list goes on. Losing this authority means that if your child becomes disabled in an accident, you may need to seek court approval to act on your child's behalf.

You may need to follow these child support modification tips

At some point, you may come to the realization that you are unable to make your child support payments. As disappointing and stressful as this may be, you need to learn more about your legal rights and the steps to take.

There are several child support modification tips you can follow, all of which could lead you toward a financial situation that's easier to deal with. Here are the things you need to do:

  • Don't waste any time. Once you realize that you need a child support modification, you should take the first step in making this happen. Waiting around is not going to make anything better.
  • Learn more about the laws in your state. Most importantly, you should come to understand what the court considers a change in financial circumstances.
  • Talk to the other parent about your challenges. Once you do this, you may find that this person is willing to accept your child support modification request for the time being.
  • Document your change in financial circumstances. This means one thing: You should collect proof that your financial situation has changed, such as if you are now unemployed.
  • File your request with the court. The sooner you do this the sooner you will receive an answer. If everything works out, your modification will be approved and you can now pay the new amount.

Understanding the factors considered in child custody disputes

Divorce can play out many different ways, depending on the couple, the things at stake in the divorce, and the season of life when it occurs. For a younger couple who only stays married for a short time and has very few assets or liabilities to divide, a divorce may feel emotionally devastating, but it will probably become more of a personal footnote at some point than a major life change.

In contrast, divorces that arrive when a couple is established, possibly owning a home, and raising children is another thing entirely. In these cases, determining which parent will receive primary or sole custody of the children often takes center stage in the process, with each parent doing everything one can to retain parental rights and privileges.

What is a child custody modification used for?

Once your child custody order is finalized, you probably think that you are done with this type of battle. The fact of the matter is that there are some circumstances that will lead you back into the legal arena.

Child custody modifications are a way that the court can address the changing needs of children. These changes can include almost every aspect of life, so it is important for the child custody order to accurately address these changes.

Parental kidnapping concerns and your divorce

It's a parent's worst nightmare to find out that the other parent fled with his or her children. Regardless of who takes the children against the court order, it's against the law. Parental kidnapping deprives one parent from seeing his or her children and violates law.

Fortunately, if you believe your ex-spouse is thinking of fleeing with your children, you can seek help from the courts to prevent that from happening. You'll need evidence that your ex is likely to flee with your children, either because of threats or because of his or her actions.

Considerations for financially dependent women in a divorce

The end of a marriage is difficult to deal with, especially if you are blindsided by the filing. For women who rely on a husband to support them and their children financially, learning that the man filed for a divorce can cause serious distress. For these women, there aren't any easy answers.

While many people think that a homemaker will automatically get alimony if her husband files for divorce, this often isn't the case. More and more, courts are expecting each party to provide financial support for themselves.

Law Office of Michella K. Melton
6190 Virginia Pkwy, Suite #300
McKinney, TX 75071

Phone: 214-449-1900
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