Divorce is one of the most painful situations an individual can face no matter the circumstance. Going through divorce is one thing but preparing financially for a divorce is another thing and it should not be overlooked especially if your relationship is on the rocks. Keep an open mind. Planning ahead enables you to make sound and clear decisions on a lot of matters and this practice can be the start of preparing for your life post-divorce.
General Tips on How to Prepare Financially for a Divorce in Texas
Keep track of your expenses
If you are not the person in charge of the bills, you should start to slowly transition in making yourself aware of your expenditures at home. List down your month recurring expenses and other miscellaneous expenses and know when they are all due. Start maintaining a journal of where and how much money you have spent and are spending. Also keep track of the expenses of your children.
Maintain a great credit score
Having the card and household bills under the name of your spouse implies that you have a low credit rating. It may take a few months, but this is fixable. Open a credit card account under your name and charge it with something not too expensive just to get a start on. Pay off what is due from all the credit transactions every month and in full. Make sure to not pay later than the due date to avoid any penalties or extra charges.
Gather important documents
The possibility of alimony or child support should not be crossed out when thinking of a divorce. This is the very reason why it is a good move to start gathering important documents now. The more information you can find and keep, the better.
Here’s a list of some important documents that you will need:
- All bank statements for the past year;
- Most recent pay stub;
- 3 years of income tax returns;
- Most recent retirement or investment accounts statements;
- A list and current balances of any loans; and
- A list of assets and debts brought into and incurred throughout the marriage.
Set aside “Divorce Money”
There are going to be expenses when filing for a divorce and it is best to prepare ahead. The fee varies but it is ideal to have save at least $20,000 for this. Come up with ways to save a little bit daily so you will not be making obvious withdrawals from your banking accounts.
Consult with an experienced Texas family law attorney. Once you are all set, have a discussion with a lawyer with the expertise in this field to ensure that in the event you do file for a device, the proceeding will not encounter any problems along the way that may render all your efforts futile.
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Mr. Hutton is a Divorce and Custody Lawyer based out of Round Rock, TX. His background is with child psychology at Arizona State University where he received a B.S. in 2006, and he continued this by working with the Children’s Right’s Clinic at the University of Texas School of Law where he received his J.D. in 2009. Throughout his practice, he has been a strong proponent of utilizing modern technology to improve his practice and the representation of his clients. He currently is the technology chair of CAFA of Travis County and is committed to improving and modernizing the practice of law in Texas.
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