Be Proactive: Strategies to Secure Your Finances Post-Divorce

Are you getting ready to end your marriage? You probably have a ton of questions about the process. It is normal to feel stressed out, even overwhelmed. Divorce can be challenging. The process can put a serious financial strain on a person and their family. There are proactive strategies that you can use to protect yourself. In this article, our Houston divorce attorney highlights the strategies to secure your financial future after ending a marriage in Texas.

Start Separating Accounts as Soon as Possible 

A proactive approach is key in a divorce case. When a divorce is imminent, it is crucial to begin separating your financial accounts as soon as you can reasonably do so. Along with other things, this includes bank accounts, credit cards, and other any joint financial instruments. In some cases, you may want to set up temporary accounts to manage the transition. By doing so, you can prevent potential disputes over funds and ensure that your finances are organized. Separating accounts early helps establish financial independence.

Divorce Tip: Make sure you carefully document everything. If a dispute arises with your spouse, comprehensive documentation of your accounts/spending can protect your rights and interests.

 Pay Close Attention to Financial Aspects of Divorce (Property Division, Alimony, etc) 

Understanding the financial implications of your divorce is essential to securing your financial future. Indeed, you need to be sure that all of the financial aspects of your divorce are handled the right way. Key issues include:

• Property Division: Texas is a community property state (Texas State Law Library). All marital assets are presumed jointly owned by the spouses. Separate property remains separate. Be sure to compile a list of all assets and liabilities, including real estate, investments, retirement accounts, and personal property.
• Alimony (Spousal Maintenance): In Texas, one spouse may be—but is not guaranteed to be—awarded spousal maintenance. The amount and duration depend on various factors, such as the length of the marriage, each spouse’s earning capacity, and contributions to the household.
• Child Support: If you have young kids or teenagers, child support may be part of your financial planning. Child support is intended to cover the child’s living expenses and is typically based on the parents’ incomes and terms of the custody arrangement.

 Create a Comprehensive Budget for Your Future 

Post-divorce life often comes with significant financial changes. That is a reality that needs to be addressed. You should be prepared to create a detailed budget that will help you adjust to your new financial reality. You should start by assessing your income, including any alimony or child support received, and list all your expenses. Make sure to consider changes in housing costs, insurance, taxes, and other daily living expenses. A realistic (accurate) budget will help you manage your finances going forward.

Contact Our Houston Divorce Lawyer for a Confidential Consultation

At Lindamood & Robinson, P.C., our Houston divorce attorneys are standing by, ready to advocate for your rights and your interests. If you have any questions about the financial aspects of a divorce, we are here to help. Contact us right away to set up your confidential initial consultation. With an office in Houston, we provide family and divorce representation throughout Southeast Texas.