For couples who fall in love and pledge to devote the rest of their lives to each other, the prospect of divorce can be overwhelming when they realize the marriage is over.
Fear of the unknown, determining where your children will live and how to share in marital assets and income can create a massive amount of anxiety. However, there are actions you can take to ease the stress.
How to prepare for divorce
While some things may be beyond your control, making time to educate yourself about your financial situation can pay off later. Here are things you can do, even before talking to an experienced Texas family law attorney:
Make a checklist: Receiving your fair share of marital assets is vital to starting your new life in the best possible situation. Take inventory of all assets and debts, including:
- Bank accounts
- Investment account
- Detailed list of all marital and nonmarital property
- Real estate deeds
- Mortgage and other loan documents
- Wills or trusts
- Personal balance sheets and financial statements
- Spouse’s pay information
- Insurance policies
- Credit card statements
Categorize your assets: Organizing the items on your checklist can help your lawyer, financial advisor or other experts. For instance, keeping all homeownership records together is an efficient way to access and deliver these items to determine your share.
Classify assets: Mark each item as nonmarital property owned by one spouse, or jointly owned assets subject to division under the Texas community property laws. Your attorney understands the rules for dividing property, including complex assets, such as retirement accounts and business interests.
Each marriage and divorce are different and determining how assets are classified is crucial for your future well-being, especially for high-asset divorces. Being prepared and working with a lawyer who understands how the process works can lead to an equitable and manageable outcome.