The process of getting divorced can be difficult for any person in Texas. However, divorce can be particularly challenging for spouses who are not comfortable with managing investments and other financial assets. Here are a couple of steps that divorcing spouses who are in this situation can take to help themselves.
First, it is wise for divorcing individuals to gather their three previous tax returns as soon as possible. These documents are filled with helpful data regarding financial assets, which can come in handy during the property division process. Second, producing a net-worth statement is a wise. This is possible by tallying all of one’s liabilities and assets, which must go on a financial affidavit filed with the court during the divorce process.
In addition, it may be helpful to conduct a lifestyle analysis. This analysis can give a person an understanding of what his or her expenses will be after the divorce as compared to what they were before the marital breakup. This is critical because underestimating expenses may derail a person’s financial plans, including his or her retirement plans, in the long run.
Going through divorce is never easy, but being as financially prepared as possible can help to make the process smoother. An attorney in Texas can guide a divorcing spouse in attaining the necessary documents and making educated decisions regarding matters like property distribution and alimony. The attorney’s main aim is to ensure that the client’s best interests are upheld at all stages of the family law proceeding.