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Tips on being financially savvy in the divorce process

| Jul 13, 2020 | Divorce

Over the years you may have worked hard and seen significant career success. However, your marriage might not have been so successful, and you may find yourself in a position where you are considering divorce. Divorce can be messy, emotionally and financially. Here are some tips on how to be financially savvy during the divorce process.

First, understand that every divorce is different and that different states have different laws when it comes to divorce. It may be tempting to take advice from friends or relatives who have gotten divorced, but it may be better to seek the advice of a professional, such as an attorney, before making any financial decisions regarding your divorce.

Second, it can help to track where your money goes, both now and in anticipation of your post-divorce life. Having a budget can help in your day-to-day life, but it can also help your attorney when it comes to the division of assets and debts, and it can help when deciding on alimony and child support.

When developing a budget, you will have to review your financial records. It can help to collect these documents, such as bills, tax returns, bank statements, credit card statements and pay stubs as soon as possible. Keep in mind that if you and your spouse share a financial account, your request for information may not be confidential.

Finally, do not make any major financial decisions until your divorce is finalized. This could affect the outcome of your divorce in a way that is unfavorable to you. Similarly, do not drain a joint bank account during the divorce process. You can come to an agreement with your spouse about how to spend those funds, particularly if you plan on doing so to pay for divorce-related expenses. A legal separation that dictates how these funds will be spent can be sought if an agreement cannot be reached.

Ultimately, it pays to be conservative when it comes to finances and divorce, and to seek the advice of a professional when deciding whether to end your marriage. Houston area attorneys understand how financial decisions can impact the divorce process and may be a useful resource.

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