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How to prepare yourself financially for divorce

On Behalf of | Mar 18, 2021 | Divorce

When you first get ready to undergo a divorce in Texas, it’s a good idea to make a list of all of your marital assets. This will allow you and your lawyer to start making negotiations with your former spouse. While divorce is stressful, it can be more difficult for those who have a high net worth.

Consider your assets and liabilities

When you construct your list of assets, make sure that you take the time to consider everything. This includes bank accounts, retirement accounts, brokerage account holdings, real estate investments and pensions. Once you make your list of assets, you need to consider your liabilities. Just as assets are divided up, so are liabilities. Some common liabilities include college tuition bills, personal loans, HELOCs, car loans and credit cards.

Get your tax returns ready

The judge will be evaluating your tax returns to determine your income and how to split up your marital assets during your high-asset divorce. You’ll want to get your past three years of tax returns ready. The sooner you have these available, the quicker you can work through your divorce settlement with ease.

Avoid taking on lots of new debts

It can be very easy to get frustrated and want to spend money before it’s divided up in your divorce settlement. The reality is that anything you buy will still be considered marital property until the proceedings are over. Do yourself a favor and avoid taking on lots of new debts. This will help to make the divorce process go much smoother as there will be fewer changes to your liabilities list throughout the proceedings.

Preparing for your divorce needs to be done on many levels. Not only do you need to mentally prepare for the process, but you also need to financially prepare. By being careful and moving forward with professional advice, you can help to expedite your divorce proceedings.