There is no doubt that a divorce has the potential to drastically alter your life - physically, emotionally and financially. In fact, it is this last facet of your life - finances - that generally merits the most attention during dissolution of marriage proceedings whether you mean it to or not.

In light of this fact, today's post - the first in a series - will briefly examine a few financial scenarios that are deserving of careful consideration if you are in the midst of a divorce.

The condition of the real estate market: In any divorce, the marital home is likely to be a very hot commodity. However, financial experts urge divorcing couples to be mindful of market conditions before attempting to sell their home. For example, in a relatively poor real estate market - much like we are stuck in right now - the spouses may wish to consider postponing the sale of the marital home or at least prepare for a prolonged sale process.

In fact, some financial experts recommend that spouses consider reaching an agreement whereby one spouse receives the marital home in exchange for certain assets. That way, certain fees, expenses and land transfer taxes can be avoided altogether.

The state of the economy: The simple reality for many couples is that a divorce can rapidly become expensive and time-consuming. Spouses may need to rent an apartment/purchase a home, buy home furnishings and even secure a car. In addition, they may have to find a job or secure a second-job to cover these expenses (along with child support, spousal support, etc.).

This can be difficult to do if the economy is in bad shape, as jobs are harder to come by and credit is harder to obtain.

Consequently, some financial experts recommend that spouses on amicable terms consider postponing a divorce until unfavorable economic conditions improve.

To be continued ...

Stay tuned for more from our Ft. Worth family law blog ...

To learn more about divorce, spousal support or property division, contact an experienced and skilled legal professional.

This post is for informational purposes only and is not to be construed as legal or financial advice.

Related Resources:

MSNBC "The best and worst times (financially) to get divorced" Aug. 7, 2011