Divorce is a complex process that can greatly alter your future and your long-term goals. Women who are expecting to divorce in the near future will find it beneficial to consider how they can take steps now to prepare for what is ahead and shield their finances for the future. Even if you are not quite ready to move forward with this process, there are things you can do now that will help you down the road.
There is often a surge in divorce filings after the holidays, and you may plan to file after the New Year. Whether you have a date in mind to initiate this process or you believe it is simply a possibility, it is always prudent to be prepared. Divorce planning can significantly impact your financial stability and post-divorce success.
Smart steps when divorce is looming
Women often experience economic struggles during and after divorce, especially those who gave up careers to stay home with children. Whether you were a stay-at-home mom or you have a prosperous career outside of the home, it is prudent to do certain things to protect yourself. Some of the things you can do to prepare for divorce include the following:
- Outline your spending habits – It is important to fully understand what you need and how you spend your money. This will help you see where you may need to cut back or how much you should seek in the settlement.
- Write down what you own – Make a list of your personal property and assets that should remain separate and not eligible for division in a divorce. It is also helpful to take account of all joint and separately held debt.
- Focus on your future – During a divorce, you will have to make important decisions in a short amount of time. It is in your interests to think about the long-term implications of all choices, not just your short-term emotions.
- Seek help where needed – It is always beneficial to work with a legal professional during divorce, but the guidance of a financial planner and other professionals can also help you during this difficult time.
Texas readers know divorce is not easy, but it is possible to emerge from the process and move forward to a strong and stable future. Your long-term financial interests are at stake, but you can work to protect them, starting by securing the help you need as soon as possible. A complete evaluation of your case can help you understand your options and provide you with a prudent course of action for your individual situation.