Divorce and Finances
Have you and your spouse tried hours and hours of counseling? Do you realize it is going nowhere? Understand that the divorce process drains financially and emotionally. Divorce and finances often clash.
On top of the immense emotional transition, the financial situation may be beyond messy. Child support and the possibility of spousal maintenance create more uncertainty. Each couple and family remains unique, and it is vital that you prepare for a difficult process. However, the following tips should point you in the right direction.
1. Where do you get advice? An experienced Texas divorce attorney.
Well-meaning friends might offer inaccurate divorce advice. Ask yourself, has this friend graduated from law school and actually practiced family law? If the answer is no, take what is shared with a grain of salt. Even if that friend has gone through a divorce, their experience will most likely not match yours. Also, was their outcome favorable or disastrous. Many won’t admit to either result or even somewhere in between. For one thing, divorce laws vary by state. If you’re unsure about what actions you can take, consult with an attorney licensed in Texas and even in your County. A family law lawyer who practices in your county is more likely to have some experience with the Judges who preside over the family courts in your county.
2. Where is the money going?
Once you realize that divorce looms, examine your income and expenses. Focus your efforts on recognizing reality and building a workable budget. Remember that your income may be cut in half requiring changes in spending. Understanding where the money is going will assist your lawyer and the judge in determining a settlement.
Also, where is the money in the first place? Where are the savings accounts, retirement accounts, and other property for which to account. Those assets affect the division of property and possibly whether to award spousal or child support.
3. Documents and Records – where are they?
Gather all the bank statements and other financial documents that you can. Be sure that you can access every actual financial record that you might need to establish what assets actually exist. Sometime spouses will not reveal everything absent being forced to do so. So it makes sense to gather tax returns, W-2 statements, and every other document to which you have access before circumstances become too heated.
The attorneys and staff at C.E. Schmidt and Associates, PLLC have the experience to walk you through this difficult process. We have done so since 1980. Divorce and finances can be navigated. Call today to schedule a consultation. (281) 550-6650.