Many divorces in Texas are messy. Depending on whether you have children, own a business or any number of other factors, you may be in for quite a challenge when it comes to negotiating a fair and agreeable settlement. Beyond your children's best interests, which of course is a central focal point for you, you may also be greatly concerned about the impact divorce may have on your financial situation.
It's crucial to know how to rectify such situations or, better yet, prevent them altogether. There are certain issues that often create financial struggles in divorce. If you are aware of the facts, know your rights and how to tap into available support resources when needed, you may be able to avoid major problems or, at least, get things back on track if they get out of hand.
Pay close attention to issues that place you at risk for financial trouble
Millions of people prepare for divorce in Texas and throughout the nation each year. The following list shares common factors many people say activated financial crises in their lives when they divorced:
- Lack of preparation: While you may have every intention of obtaining a swift and satisfactory outcome, the reality is that divorce is often a lengthy process. If you separate too soon, you may risk financial strain. Especially if your spouse is due a bonus or incentive pay at work, you may want to prepare for future divorce expenses as well as life after divorce by staying together until such funds are obtained, which would then make them marital property and help you financially prepare for the road ahead.
- Lack of documentation: Accusing your spouse of hiding assets is one thing — having the paper trail to substantiate your claim is quite another. You increase your chances of coming away from divorce with your financial stability intact if you take the time to compile all necessary documents regarding finances, tax info, bank accounts and assets before heading to court.
- Lack of income: If you haven't already secured gainful employment as you prepare for your post-divorce lifestyle, you may want to start sending out your resume. No matter what type of settlement you achieve, you boost your financial condition by earning your own income. Money problems can hit when you least expect them, for instance, if you're in the middle of divorce proceedings and a health crisis arises or another urgent situation creates an unforeseen expense. If you encounter problems that necessitate immediate debt relief help, it's useful to know what your options are and who can help you overcome your current financial crisis.
Many Texas spouses facing serious financial crises in divorce have sought help from experienced bankruptcy attorneys.