Jump to Navigation

Divorce-related money matters

The process of evaluating and dividing assets at the end of a marriage can be rather complex, depending on family income and other factors. Similarly, San Antonio residents can find themselves confronted by a number of unexpected financial concerns during and after divorce proceedings. Provided below are a few financial considerations that people can keep in mind as they proceed with divorce arrangements to help ensure that their personal finances and interests are accounted for at every stage of the process.

If there are children in the family, it is important to take their immediate and long-term care needs into consideration during divorce. In addition to establishing child support payments, parents may also need to determine how such expenses as college tuition may be divided between them in the future. Agreeing upon which parent will claim the child on his or her tax returns could also be helpful.

Many divorcing couples also need to consider how their retirement savings could be affected by the division of marital property. Developing a qualified domestic relations order is necessary in many cases to help protect individual retirement savings, as well as outline how these types of marital assets should be distributed.

Another concern that people should address during divorce is the taxation of marital property and/or other sources of income. In the event that spousal support is assigned, for instance, both the provider and recipient should consider how best to account for those funds when filing their taxes. After all, addressing these and other similar financial matters early can help to prevent disputes down the line.

Source: Huffington Post, “Divorce and Money,” Terry Savage, March 18, 2015

No Comments

Leave a comment
Comment Information
Contact Form

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Law Office of Roland R. Esparza, P.C.
325 S Flores St.,
San Antonio, TX 78204

Phone: 210-807-8158
Toll Free: 888-447-9456
Fax: 210-227-5353
San Antonio Law Office Map

Subscribe to this blog’s feed FindLaw Network
Pay Your Invoice with LawPay
Review Us