As Texas spouses prepare to bring their marriage to a close, numerous tasks compete for their attention. Financial matters rank high on that list, and rightfully so. What is often overlooked, however, is the short-term needs that must be addressed between filing for divorce and finalizing that process. Without proper planning, covering living expenses and legal fees during that period of time can be challenging.
The best place to begin is by thinking about the big picture in terms of both family finances and personal finances. Knowing what to expect in terms of property division and alimony and/or child support can help both spouses better understand what their financial landscapes will look like after a divorce. It’s also important to list expected expenses that will occur before the divorce is made final.
Aside from knowing what to expect, having a plan to pay those expenses is critical. Setting aside funds in a dedicated account is a good idea, and even small deposits over time can really add up. Be sure to think about living expenses, legal fees, and putting down deposits related to securing new housing. Insurance can also be a big expense at this time.
With the right degree of planning and effort, Texas spouses can help ensure that they have the ability to meet their needs as they work to conclude a divorce. That covers a practical need, and also a more emotional one. Knowing that there are sufficient funds to pay for expected needs can provide a deep peace of mind, which is important during what can be a tumultuous time.