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How to plan for divorce in 2014

It is no secret that a number of divorces in Texas are initiated in January. The reasons behind this notion include the desire to start the new year by making a life-changing decision, and surviving the holiday season without ruining it for children. Whatever the reason, successful divorces are not completed in a vacuum. It takes careful planning. With that, we offer some helpful tips in planning for your divorce in 2014.

Think about the kids – If you and your spouse have children, making sure that you protect them during the process is critical.  Kids have a unique ability to know what is going on, even though you may underestimate them. More importantly, they can blame themselves for the break-up and the guilty they carry could be scarring. Because of this, having an honest conversation with children at the beginning of the process will help in the transition.

Be wary of your budget – Most divorcees are not certain how they will manage bills on one income. Even though temporary alimony and/or child support may be an option, bills still need to be paid before a court issues an order. Because of this, knowing what your budget will entail is critical.

Gather your financials – If you were not responsible for managing the finances in your household, it is essential that you collect financial documents. This includes information about 401k accounts, mortgage statements, investment account information, and credit card statements. This will help in understanding of what assets (and debts) can be divided.

If you have questions about other aspects of divorce, contact an experienced family law attorney.

Source: HuffingtonPost.com, “Financial tips that help ease the sting of divorce,” Julian Block, December 26, 2013 

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