As soon as you recognize that your marriage is headed down the path of a divorce in Texas, it is imperative that you begin immediately to make strategic and wise financial decisions. Procrastinating the process of analyzing your finances and making needed changes can contribute to years of ongoing financial insecurity related to your divorce.
One important tip to remember is that moving money around from shared accounts is largely prohibited during your divorce until things are finalized. Withdrawing large amounts of money from joint accounts, locking up other finances or selling off assets could put you into legal trouble. The areas where you should be focusing your organization and strategic efforts should be in the actions you take to become independent again. For example, set up a personal bank account under your name. Create a budget that will help you to visualize what you need to be doing to live within your means. If you were the spouse that spent most of your time in the home, begin looking for employment and seeking job options that provide benefits.
According to The Week, even when divorce gets tough and you may be tempted to spend your money on things that appear to be necessities, refrain from making impulsive financial decisions. Not only can this prolong the financial stress you may already be experiencing, but it can set the foundation for more bad habits to be created in terms of how you choose to spend your money. Once you have accounted for your needs, focus all of your energy and efforts on saving and planning for your future.
The information in this article is intended for educational purposes only and should not be taken as legal advice.