Fabio & Merrill

How can you ready your finances for divorce?

If you and your spouse are about to embark on a high asset divorce in Texas, your only concerns right now may pertain to alimony and the property division process. However, because your divorce is a high asset one, know that your financial concerns should begin long before you even file the paperwork.

According to MarketWatch, there are several things you can do right now to ensure you are financially secure post-divorce. For one, gather your financial documents. Ideally, you should have five years'-worth of payroll stubs, bank statements, tax returns, benefits information, property information and investment account information. Evidence of all these documents will speed up financial discussions during your divorce, a fact in and of itself that will save you money.

Next, you should inventory your assets. Make note of all separate property, which are items that you owned before marriage, that others gave you as gifts during the marriage or inheritances. Other than inheritances and unless you have a prenuptial agreement, the court considers any items you acquired during the marriage as community property. However, the courts may also consider inheritances as marital property, depending on how you used them.

You should also take photos of your jewelry and other valuables with a digital camera (so that it contains a timestamp). You may think that this measure is extreme now, but it could save you if items go missing after you file for divorce.

Once you learn that divorce is inevitable, open separate spending and savings accounts. To ensure utmost discretion, make sure that your bank is different than that which your spouse visits. You should also devise a strict budget and commit to sticking to it. Not only will doing this save you money but also, it will reduce your risk of the other party successfully accusing you of wasting assets.

Finally, the report suggests working with a certified divorce financial analyst. A CDFA is trained to help individuals like you who wish to protect all for which they worked hard. While your attorney will handle the legalities of your divorce, the CDFA can help ensure you are financially healthy at the end of the process.

The information in this post should not be used as legal advice. It is for informational purposes only.  

 

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