Divorce courts try to ensure that neither spouse suffers a significant decrease in their previous standard of living when going through a separation.
A divorce can lead to a huge shift in standards of living because of the loss of an additional income. This is why divorcing spouses need to prepare to fight for a fair division of assets, and the implementation of alimony, otherwise known as spousal support. One way to ensure that a divorce is settled fairly is to undergo a lifestyle analysis.
What is a lifestyle analysis?
A lifestyle analysis is a way to provide divorce courts with a comprehensive overview of the standard of living that you enjoyed during your marriage. It offers an addition to simpler data such as bank statements, allowing you to provide a more complete picture of the way that you lived your life.
What data should be included in a lifestyle analysis?
A lifestyle analysis should include all financial statements and tax returns, but it should also place an emphasis on the types of things that you spent money on. For example, if you went on vacation three times per year, this is important to highlight. Similarly, if you spent a significant amount of your income on clothing, this should also be noted so that any future income discrepancies can be accounted for through the implementation of alimony.
Why is the analysis so important?
Conducting an analysis can help you gain a more accurate picture of the income needed to maintain your lifestyle. This can provide you the grounds to gain the alimony payments that you deserve. Additionally, going through the analysis may help you uncover assets that your divorcing spouse has tried to hide.
If you are going through a divorce in Texas and you want to ensure that you gain alimony, look into the ways that a lifestyle analysis could help.