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Preparing financially for divorce issues

Tuesday, December 12, 2017

The cost of divorce can be very high for both parties embarking on the process, both in an emotional and a financial capacity. Divorce issues pertaining to asset division, especially in a community property state like Texas, can dominate entire the proceedings. However, if both parties seek support in order to be financially prepared to handle a divorce settlement, it may improve the process for all involved. 

There are a number of documents that both parties may be called upon to present during the course of divorce negotiations. Financial documents are particularly important, including taxes, bank statements and other asset and debt documentation. Both parties may benefit from keeping their hard copies of these documents in a safe place and creating duplicates for use in the divorce process. 

It is also usually important for both parties to achieve some level of financial independence from one another early on in the process. Securing individual credit cards and checking accounts can help limit the possibility that one spouse could be dishonest in his or her financial accounting. Even in cases where the divorce is not contentious, it can be helpful for both parties to be prepared in these instances to sever financial ties in preparation for reaching a comprehensive settlement. 

A Texas divorce can come as a surprise in some circumstances and a long time coming in others. Nevertheless, divorce issues are unique to the individuals ending their marriage. However, some things are universal, and being fully prepared as much as possible before sitting down at the negotiation table with the support of a trained professional should be high on the priority list of both parties. 

Source: The Huffington Post, "4 Steps to Being Financially Prepared for a Divorce", Oct. 5, 2015

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