Tips for managing your finances during a Texas divorce

Learn how to get ahead of a financial disaster during the dissolution of your marriage. A few good tips make for a great start on your new life.

No matter the reason for your divorce in Texas, you have got to prepare and protect yourself financially just as much as you do psychologically. As you start to figure out what your life looks like as a single person, give heavy attention to how your bank account and financial health look. Here are several tips to get you and your new life started off on the right foot.

Prepare for the income dip

If you and your soon-to-be-ex-spouse both work and bring in money, you should prepare yourself for a dip in income. While you may get spousal maintenance or child support, it may not be as much as your current spouse contributes. Retool your budget to only account for your income so you do not find yourself buckling under the full weight of financial obligations you were used to managing with someone else's financial help. Also, recognize the fact that spousal maintenance and child support payments may come late (if they come at all), so you may not want to depend on those funds for bills with hard due dates.

Close all joint accounts

As you look over your current budget, look for any accounts you and your soon-to-be-ex-spouse share. It is best that you close those accounts as soon as possible. That way, you do not become responsible for new debt, nor do you have to worry about your current spouse spending money from those accounts. It is vital that you protect your credit score and credit report at this juncture in your life.

Keep close track of where every penny of your money goes

Even if you have a budget, it is a good idea to keep close watch over where every penny of your money goes. There could be expenses you forgot to factor into your budget, or expenses/fees that occur only once a year or so that you do not have on your monthly budget. Use your credit card statements to help with this.

Start gathering all the necessary financial documents

You are sure to have a hefty checklist for your divorce, maybe even a sub-checklist for items on your major checklist. There are sure to be financial documents on that list. Do yourself a favor and start getting those documents together, so you have one less thing to worry about. For instance, you will likely need bank statements, retirement and investment account statements, income tax returns, recent pay stubs and loan ledgers. Sit down with an accountant who has helped people through a divorce to determine every slip of paper or file you need.

It is vital that you set yourself up for success during your divorce in Texas. Take steps to maintain and strengthen your financial health, and be sure to turn to a legal professional for more financial tips and insights.