Posted on in Divorce
Divorce can be a source of great personal distress. In addition to ending what is often a long and complicated relationship, divorce also shifts a couple’s finances in ways that can be difficult to understand and account for. It is very important to prepare financially for divorce so you can continue saving and planning for life after your divorce is finalized.
Create a Budget
If you have never created and committed to a budget, now is the time to start. To prepare yourself financially for divorce, you need to understand how you are handling your money right now. Look through bank accounts and credit card statements to find out where you spend money and where you could cut back.
In addition to accounting for current expenses, it is wise to try to anticipate future expenses. Divorce causes one family to separate into two different households, which can be substantially more expensive. Child support and spousal maintenance can place a significant burden on your finances, and it is important to plan for these changes. The more money you can save in the months leading up to a divorce, the better position you will be in.
Sometimes, spouses become unexpectedly hostile during the discovery process, and it can be difficult to get the information you need. It can take a long time to collect various financial documents, especially if your spouse is getting in the way, so it is best to start early. Create a list of assets and debts, and consider gathering, at a minimum, the following documents:
Statements and current balances for checking and savings accounts
Credit card statements
Pay stubs and employment contracts
Retirement account statements
Get Advice from Reliable Sources
Once you tell friends and family about your intent to get divorced, expect to be inundated with advice and opinions about what you should do - especially with money. However well-meaning the people around you may be, it is important to get financial advice from people who really understand the likely implications of different financial decisions. Your attorney can give you good advice and recommend financial professionals when necessary.
Meet with a Lucas, TX Divorce Attorney
Mr. Brian Bagley of Law Office of Brian Bagley understands that divorce can bring up difficult and intimidating problems. That is why he will work with you to answer your questions in detail and help you know what to expect throughout the divorce process, and will give you recommendations to financial professionals when necessary. Schedule a free consultation with an experienced Collin County divorce attorney by calling our offices at (972) 843-7158.