Getting divorced remains one of life’s most challenging experiences. This is especially true when it comes to dealing with financial matters. For this reason, before embarking on the divorce process in Texas, it is critical to understand debt and income situations, current monthly expenses and anticipated future expenses. Gather this information ahead of time may help smooth the process.
Income includes all anticipated bonuses and wages, as well as monetary arrangements for those involved in partnerships. A recent tax return may help with determining how much money the parties are making. Likewise, a credit report may help with discovering all of the debt obligations that must be addressed during the divorce process — for instance, debt on credit cards, student loans, car loans and mortgages.
When it comes to expenses, it may be helpful to simply make a detailed list of all current and future expenses. Part of this list should ideally feature all of the monthly expenses regarding any minor children of the parties. These may include, for example, extracurricular activity costs, health insurance, college expenses and even tutoring costs. This information is important to know in order to properly address child support.
Financial issues can certainly be difficult for a divorcing spouse to tackle confidently in Texas. However, a divorce attorney can provide the guidance needed to make informed decisions when it comes to matters like child support, property division and spousal maintenance. The attorney will push for a fair and beneficial outcome for the divorcing spouse considering the surrounding circumstances.