Taking the Right Steps to Protect Your Financial Future
What are the key components of preparing financially for divorce in Texas? What can you do to maximize the chances that you’ll have the financial resources available after a divorce to meet your needs and get on with your life?
Financial Issues a Common Cause of Divorce
According to studies conducted by the National Institutes of Health, financial difficulties are cited as a contributing cause in more than a third of all divorce complaints. Financial challenges affect Gen Xers to a greater degree and Baby Boomers, and typically involve hidden spending by one of the parties.
How to Prepare Financially for Divorce
When seeking to get your financial house in order before filing for divorce, there are a number of fundamental questions you want to address:
- First and foremost, who can you trust to help you make the right decisions? As a person in the midst of a divorce, you can often be an easy target for less scrupulous operators. Be wary of anyone who comes to you offering guidance. Start with people you trust and ask them who they trust.
- Consider how much you’ll need in financial reserves—Your life may be topsy-turvy for a while and that can potentially affect your employment and earning capacity. Determine how much you need to live on for a minimum of six months and try to find a way to put that away somewhere.
- Prepare a budget and stick to it—Take a month and track all your income and expenses. Build a realistic budget based on this data.
- Decide what you want to do about the marital home—This will typically be the single largest asset involved in the property settlement. If you’ve been paying for it with two incomes, you need to determine if you can afford it with a single income. Hint—the mortgage payment should not exceed 25% of your net pay.
- Have health insurance in place, particularly if you’ve been relying on your spouse’s employment for coverage
Contact DTX Family Law for Guidance in a Texas Divorce
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At DTX Family Law, we always give top priority to the needs and best interests of our clients. We know that the legal process can be complex and confusing, and we’ll carefully explain your rights and options, as well as your chances of success, so that you can make good decisions for you and your family. Chrysandra is board-certified by the Texas Board of Legal Specialization, an honor earned by less than one of every ten family law attorneys in the state. To schedule an appointment with a proven and effective Texas family lawyer, visit our website or call our offices at 940-566-0606. We can help you determine whether an agreement incident to divorce is in your best interests and can draft one for you, if necessary.
Handling Divorce and Family Law Matters throughout Denton and the surrounding communities, including Denton, Collin, Wise, Tarrant and Cooke counties, as well as the cities of Flower Mound, Highland Village, Bartonville, Lake Dallas, Corinth, Frisco, Northlake, Trophy Club, Haslet, Justin, Ponder, Coppell, The Colony, Lantana, Argyle, Roanoke, Copper Canyon, Hickory Creek, Lewisville, Little Elm, McKinney, Allen, Princeton, Anna, Lavon, Melissa, Parker, Lavon, Westminster and Weston