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Most people don’t approach divorce with eagerness. Whether it’s with reluctance, anxiety, frustration, or sadness, the decision to end a marriage is rarely made with excitement. While it may be in your best interest, you’d much prefer a functional, loving relationship. Divorce often feels like an admission that the most significant relationship in your life hasn’t worked out. On top of the emotional toll, you also face the practical consequences—legal costs, the need for expert divorce financial advice, time invested in the process, and the impact on your family dynamic.
With all of those negative aspects of divorce in place, it should come as no surprise that some folks who hire an attorney do so to keep from having to do a lot of the painful parts of divorce on their own. Again, this is understandable. You may even count yourself among those who plan on doing the same thing.
Today’s blog post from the Law Office of Bryan Fagan, PLLC, will center around the subject of many people seeking to avoid preparing financially for a divorce. Hiring a reasonable and experienced family law attorney to represent you in your divorce is a good step in preparing for a divorce. Still, it is far from the only step of preparation you should embark upon.
Divorce Financial Advice: The Relationship Between Your Finances and Divorce
Most people going through a divorce will tell you that money has become a problem in their marriage somewhere along the line. That doesn’t always mean that there was too little money, but as you can probably attest to, there is a difference between making enough money and knowing where that money goes. I’d venture to tell most of you reading this blog to make enough between you and your spouse to support your household. The issue that I have seen people struggle with is keeping track of where their money is going and doing enough to control spending to save for a rainy day. Easier said than done, however.
A divorce will require you and your spouse to divide up the property between one another. This can be relatively simple if you all have little property and a good understanding of your goals in the divorce. On the other hand, if you both own a great deal of property and disagree on how it should be divided, then your divorce may end up being longer and more drawn out than most.
Finances are always a touchy subject to get into with someone. The advice I am providing to you today is intended to apply to divorces, generally speaking. I understand that your divorce may have different circumstances affecting it than what I am about to describe in the remainder of this blog. If yours is like that and the topics we touched on today were not helpful, please contact our office to discuss your case with one of our attorneys. We can provide you with specific advice and knowledge about the issues affecting your case.
Begin to Budget Your Money if You Do Not Already Do So
This is an easy one that every one of us should do. You probably know how much you earn but do you know where all the money you earn goes by the end of any given month. Track every bill, every item purchased at the store, entertainment, and any other cost relevant to your family so you can provide this information to your attorney. Knowing your income and outgo are each month is critically important in your divorce. If you need to request spousal maintenance or a higher than the standard level of child support, your monthly bills will be relevant to that discussion.
On top of those concerns, how your community estate is divided will be determined in part by need and circumstance. Suppose you have relatively little in the way of separate property and have a job that does not pay you a significant amount of money. In that case, you may be in line to be awarded a greater than 50% share of your community estate for making up for those deficiencies.
Listen to the Advice People Provide but Be Wary of Accepting All of It
While you may have numerous people in your life who have been through divorces and are all too eager to give you advice, I would tell you to be cautious about listening too closely. That’s not to say that you should be overly dismissive or rude when and if a healthy-meaning person offers you advice. It does mean that every divorce is different, and to rely upon one person’s advice who doesn’t know anything about your circumstances is not a smart move.
Instead, consider seeking perspectives from people with specific knowledge of divorces- like attorneys- and confide in those who are aware of your case’s facts and circumstances.
Divorce Financial Advice: Don’t Expect to Go Through Your Divorce Without a Fight
Unless you have a truly uncontested divorce where you and your spouse have settled all issues beforehand and simply need to formalize your agreement, you will face your fair share of disagreements. This situation does not indicate that your case will turn into World War Three, but you should expect your spouse to push back on financial issues.
You can combat this by collecting documents early in your preparation for the case. This is especially relevant if you believe that you will eventually be forced to leave your house. The odds of you getting back into your house long enough to collect the information that may be very helpful to your case is low, so planning and getting the documents when you have a chance is an intelligent move.
Divorce Financial Advice: What Documents Should You Gather Before Your Divorce?
Some documents are relevant to nearly all divorces in Texas. The issue for most people is tracking all of them down. I think we can all admit to not being as organized as we would like to be, and no other time does this come back to haunt people more than in a divorce. Scrambling through file cabinets and folders on your computer for tax documents is not my idea of a good time.
Why not start the process early by getting a year’s worth of checking/savings account statements? Investment statements, retirement account information, credit card statements, and loan information are some of the items that represent the tip of your financial iceberg. What’s nice is that most people, yourself included, most likely, do so much of their financial work online that it is easier to access documents when you are away.
In conclusion, navigating a divorce is challenging, both emotionally and financially. With the right divorce financial advice, you can better manage the costs and complexities of the process, ensuring a more stable financial future post-divorce. While ending a marriage is never easy, understanding the financial implications and seeking expert guidance can help you make informed decisions and minimize long-term financial strain. By addressing these aspects thoughtfully, you can begin to move forward with confidence and security.
Questions about divorce generally? Contact the Law Office of Bryan Fagan, PLLC
The attorneys and staff with the Law Office of Bryan Fagan, PLLC, thank you for your interest in this vital topic. If you have any questions about the content of today’s blog or are just seeking clarification on a subject, please get in touch with the Law Office of Bryan Fagan, PLLC, today. We offer free-of-charge consultations six days a week with one of our licensed family law attorneys. From Baytown to Conroe, we represent people in our community just like you during the hard times in their lives. Talk to us today about how we can do the same for you and your family.
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