Are you about to go from two incomes supporting one household to supporting one household on your own? Do you know how your divorce will impact your checkbook? You may be asking these questions yourself as you face going into a Texas courtroom to end your marriage.
You may want to take stock of the property and debts that you and your soon-to-be former spouse share. What does your financial picture look like right now? Do you have a house, cars and retirement accounts? Does your marital estate include stocks, bonds and other investment funds? You may even have retirement accounts that need dividing.
These are just a handful of the assets that you may need to split. Everything down to the silverware and the family pet requires consideration. The issues of child support and spousal maintenance may also come up in your negotiations. With everything there is to consider, it may be beneficial to sit down and create a realistic budget. Not only should you include any monthly expenses needed to keep a roof over your head, but also the potential monthly expenses it may take to keep a roof over the heads of your former spouse and your children.
A budget may be one of the most important documents you create before you begin your divorce proceedings. Without it, you may not have a good understanding of what you will need to live post-divorce. This could end up costing you in the future. A Texas family law attorney may help you design a realistic budget, determine your needs after the divorce and negotiate a settlement that comes as close as possible to meeting those needs.
Source: thebalance.com, “How to Deal with the Financial Impacts of Divorce“, Deborah Fowles, Accessed on Aug. 27, 2017