Filing for divorce can feel daunting with not only having to deal with the separation and figuring out what is going to happen to any children involved, but also in the financial consequences of a divorce. Whether you’re afraid of what divorce attorney costs in Texas are or if you just simply want to know the divorce application costs, we have the answers and assist in making divorce affordable and inexpensive as possible for you.
The stress caused from the ending of a once-loving relationship can be bad enough on its own, but adding i these uncertain financial challenges to the equation can feel daunting. At Marx, Altman & Johnson our divorce attorneys are here to assist and guide you through the fear and anxiety of filing for divorce in Texas.
How to Protect Your Financial Future When Filing for Divorce
In addition to charting a budget for paying monthly bills, including mortgage or rent, utilities and other expenses, it’s vital to take steps to protect assets by:
- Establishing a legal separation date: Until this date is set in writing, all income you earn and assets you acquire may be subject to division.
- Checking your credit: Get a copy of your credit report from Experian, Equifax or TransUnion and check for any potential errors or damage resulting from your spouse’s actions.
- Separating debt: If possible, pay off all balances and close jointly held credit card accounts. If paying them off is not possible, divide debt and transfer to individually held cards.
- Separating bank accounts: As soon as possible, transfer 50% of the funds from a joint bank account to an individual account.
- Minimizing tax consequences: You will have to consider the tax consequences of any assets you retain. These costs should be figured into the settlement.
Know what you want and how to get it
Your attorney understands how these and other financial factors can affect your new life. By addressing these items, you can forge a plan and focus on other key matters, such as spousal support for job training or finding a new career, or having your children’s college paid for by your ex.
Covering all these bases is essential and can help determine whether you’ll have the resources to keep the family home and meet other monthly and annual expenses. Yes, divorce is stressful. But knowledge is power, and knowing what to expect can bring you peace of mind.