Even with stats showing that about half of all marriages eventually come to an end, most couples walking down the aisle in Texas have visions of a lifetime together. Still, there are times when some life partners begin to explore the possibility of permanently separating. While there are certainly valid reasons for ending a marriage, there are also some equally valid financial reasons why couples may want to give divorce a second thought.
First of all, there are the professional costs associated with getting a divorce. In addition to legal fees, such expenses may include costs to hire real estate agents, financial planners and other ancillary professionals. Some ex-spouses also seek help from therapists to deal with the emotional toll of ending a marriage.
The marital house can also turn out to be more of a financial burden than an asset post-divorce. Keeping the home may mean struggling to handle all house-related expenses on less income. If it becomes impossible to keep up with mortgage payments and related costs, the house may be lost in a bankruptcy.
Quickly selling the home can also present some financial challenges if doing so means accepting a low-ball offer because of a desire for a quick transaction or dealing with a bad sellers’ market. Deciding to hang onto the home until the market gets better can be just as problematic for divorced couples. Each individual would have to share expenses for maintaining the home until it can be sold at a fair price while also carrying the burden of paying for a new home and moving expenses.
Some individuals filing for divorce believe they can save money by representing themselves without an attorney. However, doing so may contribute to legal missteps that could result in substantial financial losses, some of which have long-term consequences. A lawyer may also be better prepared to handle divorce settlement negotiations, especially if requests for spousal support by the lower-earning spouse and custody issues are part of the equation.