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Debunking myths about divorce and finances

Everyone wants an easy divorce. Unfortunately, that just does not happen for everyone. Many parents in Texas have struggled with getting adequate time with their children following a divorce. Some of them have not seen their kids for years. 

Occasionally, there is nothing to do about a messy divorce. However, the process can become simpler if you know how to separate fact from fiction. Many myths about divorce continue due to people offering their own advice, which often tends to be wrong. You have likely heard of the following myths, and now it is time to learn the truth. 

Myth: You will not have to pay out any money kept in a separate bank account

Equitable division of assets becomes tricky...fast. You may think that money you stored in a bank account in your name only is safe from a division, but that may not necessarily be the case. The judge will look at several aspects, such as whether you inherited the money in the account or how you earned the money otherwise. Texas is a community property state, so you may have to surrender some of the money no matter what. Each case is different. If you worry about where the money will end up, then speak with your attorney. 

Myth: Alimony is permanent

On the other hand, some spouses think they will receive a great payout after a divorce. However, alimony is not always permanent. These days, many courts demand alimony for a set period of time. The expectation is that the other spouse should use this time to go back to school or learn other skills to earn his or her own income. 

Myth: You do not have to worry about a spouse's debt in a divorce

Most of the time, you will not be responsible for debts a spouse racked up on a credit card in his or her name only. However, if you shared a credit card, then some of the responsibility falls on your shoulders, even if your spouse is the one who spent all the money. 

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