Inflation and a Texas Divorce: Can I Afford Spousal Support?
Financial pressures can lead to marital discord. As we face the highest inflation rates in 40 years, you may be thinking about divorce. The current divorce rate in the United States is 2.3 per 1,000 people. Traditionally, we have seen divorce rates fall during economic downturns. Couples stayed together during the Great Depression and again in the early 1980s when inflation was about as high as it is now.
At Law Office of Brian Bagley, we do not believe it is necessary to stay in an unhappy or unhealthy marriage because of a recession. Money problems are often not the sole reason a married couple calls it quits. There could be circumstances involving infidelity or violence that you just cannot tolerate any longer. Today, we will go over key factors that determine if spousal support or spousal maintenance would be appropriate.
Personal Decision
A divorce, although always a difficult decision, can lead to peace of mind. It can also end a toxic marriage. Every couple needs to look at their specific situation before deciding to file for divorce.
Spousal Support
During weak economic times, you may be concerned about paying child support and dishing out spousal support on top of that. However, depending on your situation, you may pay less if your income has decreased. Keep in mind that in Texas, spousal support is only approved in very limited cases. The party requested spousal support will need to prove that the divorce leaves them without sufficient income to meet their basic needs and that they also meet at least one of the following:
- Have been married for at least 10 years and unable to earn enough money due to a limited education or work experience.
- Unable to earn a sufficient income due to custody of a physically or mentally disabled child.
- Are mentally or physically incapacitated.
- The other spouse committed an act of domestic violence against them or a child born in the marriage within two years of filing for divorce.
A court cannot award more than 20 percent of the paying spouse’s income per month or more than $5,000 whichever amount is less. Also, spousal support cannot last for more than five years when a marriage lasts at least 10 years.
Child Support Payments
The parent with possessory conservatorship will have the obligation to pay child support for children under 18 years old and those with disabilities. They will need to show wages, rental income, interest, capital gains, and other types of benefits to the court. The parent's tax obligations and other qualifying expenses will be subtracted from their gross income to determine an appropriate amount for child support.
Contact a Plano Spousal Support Lawyer
At Law Office of Brian Bagley we will help you understand the process and financial breakdowns. Whether it is an amicable divorce or a litigated divorce, a skilled Collin County alimony attorney can guide you. Call (972) 843-7158 for a free consultation.
Sources:
https://www.cdc.gov/nchs/fastats/marriage-divorce.htm
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4444228/
https://statutes.capitol.texas.gov/Docs/FA/htm/FA.7.htm#7.001