A divorce is a major shift in someone’s life. Not only will it change someone’s primary relationships, but it will also alter their finances.
Most people contemplating divorce try to approach the process cautiously to reduce the degree of personal risk involved. The right preparation before discussing divorce with a spouse or officially filing documents can make a major difference for an individual concerned about the future.
Every scenario is unique, but there are three steps that many people preparing for Texas divorces need to take.
1. Gather financial records
Technically, both spouses have to provide copies of financial paperwork during the discovery process in a divorce. However, it is often preferable to have personal copies of key financial records before the divorce process starts. Bank statements, income tax returns and other financial records are important resources for those preparing for divorce in Texas.
2. Establish separate financial accounts
Many spouses share a checking account and even their revolving lines of credit, like credit cards, with their spouses. It’s common for people to close and freeze joint accounts in the early stages of divorce. People may struggle to secure new credit lines and open new bank accounts when simultaneously dealing with the other practical challenges related to the divorce filing.
Creating a separate checking account and opening a personal credit card can be smart moves for those preparing for divorce in Texas. People will still need to disclose any marital income that they used to fund a separate account for property division purposes, but starting accounts before they file can make the transition to separate finances a bit smoother.
3. Find the right support
People often require outside help as they prepare for divorce. Many people struggle emotionally even if they believe the divorce is necessary. It can take months to get in to see a counselor or therapist, so the sooner someone begins that process, the better.
Additionally, people typically benefit from having legal representation during the divorce. Instead of scrambling to find the first available attorney at the last minute, it is often better to begin researching and meeting with professionals before one files paperwork or discusses divorce with their spouse.
Taking the time to prepare before a divorce filing can help someone minimize how stressful and disruptive the end of their marriage will be.