If you count yourself among the many people across Texas who believe a divorce is imminent, you may find yourself consumed with emotions and a need to make some major decisions. Given how emotional the divorce process can be, you may find yourself struggling with everything it entails. However, taking several key steps now with regard to your finances can streamline the process and help you get back on your feet sooner. At Laura Dale & Associates, we understand how preparing financially for your divorce can help you in the long run, and we have helped many state residents get their finances in order and receive their fair share during divorce proceedings.
Per Nerdwallet, one of the most important steps you can take to financially prepare for your divorce involves gathering comprehensive documentation about your income and expenses, which might include pay stubs, tax returns, bank statements and so on. In addition to helping your attorney determine whether to pursue spousal support, child support and the like, recognizing what and where your expenditures are can help you create and keep a budget as you navigate the divorce process.
While taking the time to carefully track your income and expenses will likely benefit you in the long run, so, too, will recognizing what to avoid as you financially prepare for your life on your own. For example, exercise caution when making any major purchases or transactions during your split. Selling off pricy items ahead of divorce may make it appear as if you are trying to hide assets so you do not have to split them with your spouse, even if this is not your intention.
Similarly, avoid making any major changes to your will or life insurance policies if divorce proceedings have already begun. Doing so without the permission of the court can lead to serious legal trouble, so let it wait. Typically, these matters will work themselves out during divorce proceedings. More about divorce and property division is available on our web page.