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Readjusting your finances after divorce

Texas residents might be wondering how they are going to readjust their lives, especially financially, after they get their divorces. Divorce can be emotionally and financially draining to both parties involved. Therefore, divorce experts say that it is important for spouses to begin to budget according for their lives post-divorce.

Alimony is something that some spouses get after they are divorced, and it is an integral part of some people's budgets, especially if they didn't work while they were married. Permanent alimony is the money that one spouse must pay to the other one after they get a divorce, and it is generally paid over determined intervals after the divorce is finalized. However, some states are beginning to question lifelong alimony. Therefore, people who are dependent on alimony payments for survival might need to begin thinking about how to reconstruct their lives without alimony since they might not always have it.

Divorce experts say that one thing that people can do is to begin planning for their careers. Experts say that it is wise for people to use alimony as a subsidy to other incomes and use it to help them obtain better careers. They also say that people might want to consider downsizing on their homes to help cut their operating expenses. People should also adjust their budgets to fit their new lifestyles after their divorces. Although their expenses might be the same after their divorces, their incomes might not be, so they might have to cut certain luxuries from their budgets. Lastly, experts say that people should be strict about saving by setting goals for short and long-term savings in their budgets and sticking to them.

Family law attorneys can sometimes assist people with the financial aspects of their divorces. They might be able to help them negotiate alimony and division of property with their exes in their divorce settlements as well as other divorce issues.

Source: Fox Business, "How to Financially Readjust for Post-Divorce Life", Andrea Murad, August 02, 2013

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