3 time periods to consider in your divorce finances

On Behalf of | Dec 21, 2022 | Family Law

Money can be a dirty word in a divorce. At least if you read some of the media stories that portray one spouse trying to take the other for all they are worth.

Yet, for most couples, the reality is very different. Money is a central issue to resolve because it’s almost impossible to live without it, and divorce means you will have less to spare.

#1. You need to split the money you accrued in the past

Texas state law determines how you should divide your assets, but there is always room for negotiation. Most of the assets accrued during the marriage will need splitting, which you can only do if you are aware of them all.

#2. You need to have enough for the time being

Many couples prefer to live apart as soon as they decide to divorce. Yet there is often conflict about who should move out. Sharing the costs of the extra accommodation can help ease the tension. You also need to make sure you both have funds available to pay for representation as well as all the daily costs you would incur anyway. It’s not acceptable for one party to cut off the other’s access to all the accounts and cards.

#3. You need to get a fair deal for the future

You have your whole life ahead of you, and you do not want to begin it in a financially worse place than necessary. Seek help to understand your entitlement to payments such as child support and spousal maintenance and to negotiate a fair division of property.