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Financial planning for a divorce

Texas residents who are planning a divorce or have already started the process will eventually also have to divide their property. This might be complicated and slow-moving, particularly when the couple has a lot of financial assets to divide.

The financial planning for a divorce should begin much earlier than the negotiations. One way to prepare is to track past expenses and keep an estimated list of future ones. This information might also be helpful when a settlement agreement is being negotiated, since it might be used to establish payment amounts. It is important to remember that certain expenses change over time, such as child care becoming afterschool care costs. In anticipating these changes, couples could protect themselves in the future.

Another way to financially plan for a divorce is to gather all the supporting paperwork related to finances. This might include credit card statements, recent pay stubs, IRAs, checking and savings account statements for the previous years and income tax returns. Divorce is also not the ideal time to make major financial decisions. Couples going through a high asset divorce might be tempted to change their beneficiaries, make large withdrawals or change the information on their accounts, but experts do not recommend this.

Part of financial planning for a divorce also includes recognizing when assistance is needed and then seeking it. One way to do this is to contact a lawyer who can be a guide through the process by helping to prepare for the negotiation of a comprehensive settlement agreement that addresses other pertinent issues in addition to property division.

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