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The true extent of loss in a divorce

On Behalf of | Dec 27, 2022 | Divorce

The end of a marriage may result in losing your Texas home, business or other key assets. However, it may also result in a variety of other losses that you may not anticipate prior to filing for divorce. For instance, you may feel as if you’ve lost your purpose in life now that you can’t see your kids on a daily basis or after having to sell your company in the divorce settlement.

Friends and family may leave

Don’t be surprised if your spouse’s family cuts off all contact with you after the divorce is final. Generally speaking, this is done as a show of loyalty toward your spouse and will likely happen even if the divorce itself is a fairly amicable one. It’s possible that your former in-laws will still have contact with your children, but that is usually because your child will retain a relationship with them through the other parent. Shared friends who feel closer to your spouse may also decide to cut you off as a show of loyalty to your partner.

You may lose your comfortable lifestyle

A divorce may result in the loss of funds in a bank, brokerage or another type of financial account. It may also result in the need to make alimony or child support payments. Ultimately, you may have to devote more of your income to paying your car note, mortgage or other bills.

This may result in skipping vacations, working overtime or taking other steps to keep yourself above water financially. It’s also possible that you’ll need to take money out of a retirement account or otherwise go into debt to ensure that you and your kids are properly taken care of after a divorce.

Your income, ability to work and the length of your marriage will likely play a role in how a divorce settlement is structured. For instance, if you were married for a short time and have no children from your current marriage, you may not owe your spouse anything other than a share of marital assets.