Many issues, both inside and outside of a marriage, can lead a couple to separate. Whatever the reason, a divorce can be hard for some and an escape hatch for others. One Texas man is questioning his financial future after his wife of two years asked for a divorce. He is unsure of the exact reason, but feels he was financially used to help his soon-to-be ex-wife wipe out her student loans and other significant debts. The man now fears for his retirement and home.
Splitting up the assets of a once happily married couple may seem cut and dried, but tangled lives can be hard to separate. Regardless of the reasons and intent of the husband, the student loans he helped his soon-to-be ex-wife pay off hold no weight within the divorce proceedings. If the parties cannot agree between themselves, and it appears unlikely in this scenario, a judge will determine property division issues based upon the evidence presented in court.
Because the marriage of the financially squeezed partner was less than two years, Texas judges will likely not require alimony payments of a spouse who makes significantly more than the other. Retirements plans can be tricky and are often split equally between the couple, though in such a short marriage any retirement plans may be considered separate property. A savvy attorney will be worth his or her weight in gold when navigating the issue of retirement accounts during divorce proceedings.
Texas family law does not have to be tough for a soon to be divorcee to navigate, especially with the right attorney and forensic accountant. A forensic accountant, when circumstances warrant, can tear apart a couple's financials and examine retirement accounts. An experienced divorce attorney can help one to understand how the applicable law will affect the financial outcome of the divorce and what steps to take secure certain assets during the division of marital property.
Source: marketwatch.com, "I paid off my wife's student loans --- then she filed for divorce after two years of marriage", Quentin Fottrell, April 24, 2018