How Divorce Impacts Primary Breadwinners
For many married couples in Dallas, one spouse earns the majority of the couple’s income while the other contributes to the marriage in other ways. If a couple with unequal earning capacity decides to divorce, the primary breadwinner may face significant financial consequences, and it is important for both parties to understand the economic ramifications of their decision. If you are contemplating ending a disparate-income marriage, it is smart to consult an attorney to discuss how divorce impacts primary breadwinners. At McClure Law Group, our skilled Dallas divorce attorneys have ample experience helping people protect their financial interests in divorce actions, and if you hire us, we will gather the evidence needed to provide you with a strong chance of obtaining favorable results.How Divorce Impacts Primary Breadwinners With Regard to Property Division
One of the main areas in which divorce impacts primary breadwinners is property division. Pursuant to the Texas Family Code (the Code), Texas is a community property state, which means that spouses have equal ownership interests in most property obtained during the marriage. Community property includes not only income but also real estate, vehicles, investments, and retirement benefits, regardless of whose name is on the title or account. Separate property, on the other hand, is any asset owned by either spouse before the marriage, specifically designated as separate via a marital agreement or acquired via inheritance, personal injury settlements, and gifts.
When it comes to property division, Texas follows the principle of “just and right” division. This means that the court aims to divide community property in a manner that is fair to both spouses. While in many cases, this requires an equal division of assets, in cases in which one party earns the majority of the couple’s income, the court may distribute property unequally. The courts will consider numerous factors to determine what constitutes a fair division, including the length of the marriage, each spouse's earning capacity, and the age and health of each spouse.How Divorce Impacts Primary Breadwinners With Regard to Spousal and Child Support
In divorce actions where one spouse has been financially dependent on the other during the marriage, the court may grant spousal support, also known as alimony. The purpose of spousal support is to provide financial assistance to the lower-earning spouse for a specified period or until certain conditions are met. Texas law allows for both temporary and permanent spousal support, depending on the circumstances of the case. Factors considered by the court when determining spousal support include the length of the marriage, each spouse's earning capacity, age, health, and contributions to the household.
In divorce actions involving children, the courts may order the primary breadwinner to pay child support as well. The Code dictates that all parents have an obligation to support their children by providing them with education, shelter, food, clothing, and medical care. In the context of divorce actions, this duty is the basis for the imposition of child support obligations. The Texas courts use statutory guidelines that take into account factors such as the number of children, the division of custody, and each parent’s income, to calculate what constitutes appropriate child support. The guidelines presume that a support obligation of 20% of the obligor’s net resources, which includes their income, is appropriate in cases involving one child. The obligation increases to up to 40% for cases involving five children.Meet With a Trusted Dallas Lawyer
The decision to end a marriage has wide-ranging financial implications, particularly for the spouse that earns the majority of the income. If you intend to seek a divorce, it is in your best interest to meet with an attorney who can explain how divorce impacts primary breadwinners. The trusted Dallas lawyers of McClure Law Group understand what it takes to obtain favorable outcomes in divorce actions, and if you engage our services, we will advocate zealously on your behalf. Our primary office is located in Dallas, and we are available to meet clients for appointments at our Collin-County office in Plano. We routinely represent people in divorce actions in Dallas, Rockwall, Richardson, Fort Worth, Frisco, Irving, McKinney, and Garland. We also help parties with family-law matters in cities in Dallas, Denton, Collin, Rockwall, Tarrant, and Grayson Counties. You can reach us through our online form or by calling 214.692.8200 to set up a confidential conference.