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Knowing finances is important first step in divorce proceeding

Money is one of the biggest causes of marital split-ups. For instance, perhaps two spouses in Texas are in disagreement about how they should spend or save their money, or maybe they feel that the other party is not pulling his or her weight financially. In the same way, money can be a huge source of conflict during a divorce proceeding. A couple of tips may help those navigating the financial aspects of divorce.

Becoming very familiar with one's finances is an important first step. Creating a spreadsheet that details savings and checking accounts at the bank can help with this. In addition, listing the properties owned and what the mortgage for each property is can be beneficial.

Getting a clear picture of existing credit accounts is also essential, as is checking out credit reports and cleaning up any errors found on them. Another important step involves calculating one's net worth along with that of the soon-to-be-ex. All of this will help with creating an accurate financial picture of the household before continuing with the divorce.

Understanding one's finances is essential for making wise decisions at the negotiation table with a future ex. A lack of financial knowledge makes it far easier to make mistakes that can end up being costly now and/or down the road. An attorney in Texas can offer guidance during the divorce proceeding to make sure that the settlement finally reached is personally favorable and aligns with a client's best interests considering the circumstances surrounding the divorce.

Source: chicagonow.com, "What to do asap when your spouse wants a divorce", Ann Cerney, Aug. 22, 2017

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