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Get finances ready for a Texas divorce

Monday, July 16, 2018

When deciding to end a marriage, couples must address a variety of issues, such as living arrangements or custody if children are involved. A major area of discussion in a Texas divorce frequently concerns money. Determining how to separate the finances in a marriage can be complicated. Experts have offered suggestions to help get finances in order during divorce proceedings.

While much financial information is available online, it may not be applicable to everyone. Divorce laws are different in each state, so it is important to not take action before knowing the appropriate law. It is also beneficial to get a complete picture of all expenses and income. Keep records of how much is spent on food, child care, home maintenance, transportation and other household expenses. Use past financial statements from banks and credit cards to predict expenses for the future, recognizing situations that will change post-divorce.

As soon as someone initiates the divorce, experts recommend to gather all financial documents, including account statements, pay records, tax returns and records of assets and debts. When the parties in a divorce are cooperative, it is easy to share this information. This may not be the case in every situation, so it is wise to gather the records before filing for the divorce, if possible. Financial analysts also say to wait on major decisions regarding finances. A judge may view changes negatively and they could even be viewed as contempt.

While addressing finances in a divorce, consider all assets and debts jointly until addressed by the court. Accounts should be used as normal until decisions are made. If one party is contentious regarding money, it may be wise to seek a legal separation that would determine how finances will be handled until a divorce is final.

Emotions can run high during a Texas divorce, particularly where money is concerned. An experienced attorney can provide thoughtful guidance throughout the divorce process. A knowledgeable lawyer will explain each step of the proceedings and work toward achieving the best possible results for a client.

Source: dallasnews.com, "If divorce is in your future, ready your finances with these 7 actions", Elizabeth Renter, June 22, 2017

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