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Plan for divorce by understanding your financial situation

On Behalf of | Sep 8, 2017 | Divorce

From high profile divorces involving millions of dollars to low profile and low cost divorces, the rules in Texas law remain the same. Either the parties have to come to agreement on the equitable distribution of property, spousal support, child support and physical custody arrangements, or they will have to litigate over these matters in court. In other words, there is no royal road to divorce. Fortunately, at Lisa E. McKnight PC we specialize in Texas family law and know how best to help clients plan for divorce.

While several practical and legal factors come into play when contemplating divorce, gather financial documents now can alleviate stress down the road. There are many actions you can take and recommendations you will  want to consider in order to place yourself in the best possible position and facilitate your peace of mind when it comes to finally making your decision.

Money, property and cars are often at the heart of contentious divorces. During marriage, it is common for one spouse to manage the family’s finances. If your spouse manages the finances in your family, you will want to begin to take an active role in understanding your family’s financial situation. Gathering documents, including tax returns, bank statements and other financial statements, then making copies, will help to ensure that you are not wholly dependent on your spouse in the event you decide to divorce.

Spousal and child support are generally determined based on need and ability to pay. You will need to have an accurate picture of your debts and expenses so that you may have an appropriate expectation regarding what amount of support may be needed. It is not uncommon for a financially dependent spouse to believe that a large support award is guaranteed. While support awards may be agreed to in a settlement, a correct knowledge of the financial situation of the family will aid you as you consider your legal options. 

For more information on planning for divorce, please visit our page.