Jane-Ashley McMillan, Attorney at Law

Preserving your financial interests during a divorce

Divorce will bring significant changes to your life. From how much time you spend with your kids to where you live, virtually every area of your life will experience some type of impact. This is especially true for your finances and your economic standing. In fact, money may be one of your primary divorce-related concerns.

While you will go through changes in your finances, your divorce does not necessarily have to bring financial ruin. There are things you can do to protect your interests and preserve your long-term well-being. One of the main ways you can do this is by knowing your rights and preparing well for the process ahead. It will also be useful to keep your focus on making choices that make sense not only in the present, but down the road as well.

Approaching with the right perspective

Divorce is hard. Even if you and your spouse are amicable and resolved to work together peacefully through all pertinent matters, it is still an emotionally challenging process. It is easy to lose focus and concentrate on what you feel in the moment, but that will not always lead to choices that make sense long-term. Some things that can help you maintain your finances and protect your future include: 

  • Make a budget. It is highly likely that you will experience some changes almost immediately. It is prudent to go ahead and make a budget that will allow you to start adjusting your post-divorce circumstances. By sticking to it now, you will experience less complication during an already difficult time.
  • Watch your spending. You are almost certainly going to experience changes in what you are able to spend. Lifestyle adjustments are difficult, but starting with the necessary changes during the process is a good step.
  • Divide debts and assets. When dividing marital assets and debts, it is in your interests to think rationally about what you can afford and what is fair. This can save you time, stress and money, as well as ensure that you end up with terms that are sustainable for you for years to come.

The choices you make during divorce matter. For this reason, you will find it beneficial to work with an experienced Texas family law attorney who can help you make decisions that will allow you to have stability and security going forward. Changes are inevitable, but with the right help and the right perspective, your divorce does not have to result in financial ruin.

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