Financial Tips to Ease You through Divorce

by Kevin Smith Author

There are a lot of things that factor into why divorce is so financially stressful. Unfortunately, more often than not, the financial stress blindsides many people. One of the first things that you’ll want to do prior to filing for divorce is discuss the following financial steps with the best divorce lawyer in San Antonio, Texas. Doing this will help you make sure you are as financially comfortable going through your split as you can be.

Hire an Attorney

Because divorce laws vary so widely from state to state, be very cautious about taking any advice from people who are not licensed attorneys in your area. Your friends, groups on social media, are not suitable replacements for a divorce lawyer with several years of experience representing divorce clients in your state.

Know Where Your Money Goes

The best way to prepare for a divorce financially is to know where your money has been going. If you haven’t been doing the finances in your marriage, then make sure and educate yourself right away. Get access to all of your bank account information so you can check up on it online. Identify areas where you can cut costs going forward post-divorce, since you’ll likely be dependent on your income alone.

Set up a Budget

Once you know where your money has been going, you know about how much to project for future expenses. Setting up a budget is so important, especially when you may have less income coming in. As you are setting up your budget, don’t forget to include money for sinking funds for unexpected expenses, such as car repairs or equipment repairs in your home.

Gather Your Financial Documents

Depending on where you and your spouse were at as far as your finances, the process of gathering all of your documentation can take a while so it’s best to get started on this as early as you can. You need all the information for you and your spouse’s retirement accounts, any checking and savings, and any current contracts with vendors that you’re still paying on. Also make a list of assets and debts that each of you brought into the marriage and any that you’ve had during your marriage.

Going through a divorce is hard enough without adding the complications of finances. However, working with the best divorce lawyer in San Antonio, Texas to best sort out your finances before and during your divorce proceedings will be extremely helpful to you.