Marriage is a union of two lives. Not only are the two lives of the spouses emotionally and spiritually joined, they are also financially intertwined.Although, after a divorce, couples may be able to end the emotional and spiritual part of their relationship with one another, many times the financial ties continue to affect their everyday lives. It is important to understand this when planning one’s finances after a divorce in Texas or any other state.
One way in which the financial lives of divorcees continue to be intertwined despite ending the marriage is through permanent alimony. In many cases, the court will order a certain amount of money, known as alimony, to be paid from one spouse to another for the rest of their lives. For some divorcees, this income is essential since they may not have been able to work during the marriage. However, some lawmakers are pushing for legislation to end lifelong alimony payments.
It is important for divorcees to begin planning how alimony payments will fit into their budgets. Many cases are being transferred from permanent alimony to a modified settlement. Understanding the changes to payment schedules will help divorcees plan ahead of time to adjust their financial planning to their individual situation. Additionally, some legal professionals have noticed that the court-ordered time periods for alimony payments is becoming increasingly shorter.
This has prompted many divorcees who had been paying alimony to attempt to modify their payment schedules or possibly end the permanent alimony order. However, other spouses may genuinely need more monetary assistance after a divorce for one reason or another. In either situation, it is often best to have a good understanding of applicable laws in Texas that regulate alimony payments.