San Angelo Divorce And Criminal Defense Lawyer Serving West Central Texas

How to ready yourself financially before a divorce

On Behalf of | Nov 15, 2022 | Family Law |

For some legally bound couples, it becomes unreasonable to continue intertwining lives. Divorce turns into the obvious next step.

Prepare before delivering news of your intention to end the marriage. The actions you take ahead of time should make the process smoother and may save a bundle.

Track expenses

Compile information about your income sources and how that money gets spent. Use it to fashion a reasonable budget that makes sense for the coming post-marriage days. Additionally, these numbers will assist a judge in figuring out how to split assets. Such info will also play a role in concluding whether child support makes sense.

Gather documents

Collect all relevant financial records. Compile checking, savings and investment account statements. Further, you want recent pay stubs and income tax returns. Assembling all this information can be time-consuming; take action at your earliest convenience. Use a high-quality safe to prevent your soon-to-be-ex from shredding sensitive paperwork.

Save rather than spend

Remember that quality legal services do not come for free. According to Forbes, the median cost of a divorce is $7,000. It makes good sense to set aside monies ahead of time that can go toward paying a representative. Depending on your situation, separation could mean coming out behind in the deal. Commonsense suggests postponing significant financial commitments until everything settles.

Divorce can cause a massive upheaval when it comes to personal finances. Savvy measures should put you in a better position to weather the cost of forever waving away a former partner.