June 15, 2018 | Share
Will I Be Able to Maintain My Lifestyle After My Divorce?
Even at the earliest stages of preparing for a divorce, it is important to think about what the future has in store. Once you have decided to end your marriage, getting divorced is simply a means to an end, and you need to approach your divorce as your one chance to preserve your current lifestyle to the greatest extent possible.
Will you be able to maintain your lifestyle after your divorce? In broad terms, the answer should be, “Yes.” From property division to spousal support, every aspect of the divorce process is designed to help ensure that each spouse is able to move on without undue financial burdens or constraints. Of course, splitting one household into two inherently involves a certain amount of compromise. But, if you approach your divorce strategically, and if you are prepared to play an active role in the process, you should be able to come out of your divorce with the assets and financial resources you need to continue to live comfortably in your post-marriage life.
Important Considerations for Maintaining Your Lifestyle After Your Divorce
As you begin to prepare for your divorce, here are two preliminary considerations to keep in mind:
1. Protecting Your “Separate” Property and Dividing Your Marital Estate
Most likely, not everything you own will be subject to division in your divorce. Under Texas law, any assets that qualify as your “separate” property will be yours to keep (and, of course, the same goes for your spouse). Generally speaking, assets that qualify as separate property include:
- Assets that you owned prior to your marriage (subject to certain exceptions, such as if you used joint funds to improve a piece of real estate);
- Assets that you acquired during your marriage by gift or inheritance; and,
- Any assets designated as separate property in a premarital or post-marital agreement.
With regard to dividing your “community” property, you will want to think critically about which assets matter most – both to you and your spouse. The general rule in Texas is that community property should be split according to what is “just and right,” and there are a variety of creative ways to divide community assets in order to satisfy both spouses’ needs and desires.
2. Taking Advantage of the Flexibility to Establish Spousal Support
With the enactment of the Tax Cuts and Jobs Act, the tax treatment for alimony payments will fundamentally change for divorces commenced after December 31, 2018. While Texas places certain outer limits on the duration of alimony, divorcing spouses still have a significant amount of flexibility to structure alimony payments in a way that helps preserve the lifestyle they enjoyed during their marriage.
For more tips on maintaining your lifestyle after your divorce, you can read:
- How Can I Protect My Property While My Divorce is Pending?
- Strategies for Protecting the Family Home and Other Specific Assets in a Texas Divorce
- Does Getting Divorced Affect Your Credit?
- How Should I Address My Children’s College Costs in My Divorce?
- 6 Tips to Prepare for an Amicable Divorce
Schedule a Free Initial Consultation at Nordhaus Walpole, PLLC
The McKinney family lawyers at Nordhaus Walpole, PLLC provide strategic and personalized legal representation for high-net-worth individuals at all stages of the divorce process. If you are considering a divorce and would like to discuss your options with an attorney, you can call (214) 726-1450 or contact us online to schedule a confidential initial consultation.
Categories: Family Law & Divorce