Fabio & Merrill

How can I prepare myself financially for divorce?

If you are thinking about serving your spouse with divorce papers anytime soon, you may want to hold off on that decision for a bit. Texas divorces are not cheap. If you do not take the time to plan properly, your separation could leave you wounded and at a financial disadvantage. No matter how agreeable you and your partner may seem now, things can get ugly fast. Your divorce may even take longer to finalize. 

Take some time to prepare yourself emotionally and financially so you can weather the storm during your divorce. 

Gather your financial documents 

Close all joint accounts. Gather all of you and your soon-to-be ex-spouse’s financial documents and make copies of them. Make sure you know about every single dime that your former partner earns and has saved up. Be prepared to provide a full accounting of your finances too. 

Plan for your financial independence 

Whether or not you plan to hire an attorney, you should start saving your money for what is to come. Divorces can be very expensive. You will need to become accustomed to living on a single income. According to Time.com, before filing for divorce, you should “save up enough money to support yourself for a year.” If you start saving your money now and getting your finances in order, you can avoid many of the financial challenges divorcing your partner can create. Open your own bank account. If you are a stay-at-home parent, consider getting a job so you will have more income to support yourself and your children with. Create a budget so you know where you stand financially. 

No matter how you feel towards your spouse, you should take your post-divorce situation into consideration. Plan your exit carefully, seek out additional resources and surround yourself with supportive family and friends.

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