If you have made the decision to move forward with divorce, you understand there are certain changes you will experience. Regardless of your income level and how amicable you may be with your spouse, it is probable you will experience some financial disruption. There are things you can do now that will help you prepare for what is ahead, allowing you to lay the foundation for a strong post-divorce future.
The choices you make during divorce will have an impact on you for years to come. Divorce is a complex process, and it’s easy to see how some may allow their emotions to drive their decision-making during this process. How you feel in the moment is not indicative of what makes the most sense long-term, and preparing for your divorce will help you keep your focus on what is most important.
What should you do?
An important step in getting ready for your divorce is to spend some time getting organized. This is a financially complex process, and both parties will have to give full financial disclosure. You will want to gather documents, make a list of marital assets and know about all of the accounts that may be marital property. This will help make the property division process smoother, and it can help you see if the other party is trying to hide assets.
At this time, you may want to open a credit card in your own name and close credit accounts with both spouses’ names. This will prevent the continued accumulation of marital debt while the divorce is in progress. You may also want to consider making a list of financial steps you are planning to take and determine which ones you can defer. Big purchases and major decisions are not always smart in the midst of so much change.
During the divorce
During the divorce, you may find it helps to make a budget and stick to it. This can prove useful as you transition into post-divorce life. It is also prudent to make a list of any purchases you make using marital funds. Careful documentation and prudent spending can allow you to avoid complications and have more control over your financial future.
One of the most beneficial steps you can take during your divorce is to work with an experienced Texas family law attorney. With the help of an experienced legal ally, you can make choices that will allow you to have security, stability and peace of mind for years to come. Financial changes during divorce are inevitable, but you have the right to fight for a strong future.