Planning Divorce Finances: How to Navigate the Process without Stress

Deciding to file for divorce doesn’t happen easily or overnight. We all want to hang on to the hope of the happily ever after – until it is clear that it will not happen. At this point, you have to reassess your entire life. And, besides finding a good divorce lawyer in The Woodlands, you also have to plan for divorce finances.

This is unknown territory for you, but we are here to assist you. Here are some of the most effective tips to avoid financial strain during and after your divorce.

Make a Detailed Assessment of Your Finances

Evaluating incomes and expenses is an intrinsic part of divorce proceedings, because you must have a clear image of community property. But it is also useful for having a clear image of where your money goes each month and how much you can save by cutting back on some expenses.

If you do not set aside money to afford all the expenses related to divorce, you will end up shortchanged at the end. For example, if you cannot afford to hire a forensic accountant, your spouse may get away with hiding valuable marital assets, which should be fairly divided with you.

Avoid Emotional Spending

Everyone copes with emotional distress in their own way. However, in the modern world, surrounded by commercials and marketing materials, the most common coping mechanism is spending. Just this purse, just that pair of shoes – and the expenses keep piling up.

In the end, you realize that you do not need all those things – and you don’t even particularly like them. But how do you avoid emotional spending? The best solution is to reach out to your support system – family members and friends.

Spend time with them and ask them to let you join them in their hobbies and activities. This will help you feel emotionally validated, so you won’t need to buy things to satisfy this need.

avoid getting into credit card debt during a divorce

Evaluate Potential Sources for Divorce Finances

Cash is king when you need to face a significant expense such as the cost of a divorce. But what happens if you don’t have it in sufficient supply? At this point, you need to look for other ways to secure divorce finances.

One smart approach is using your credit card to pay for your legal counsel and for any court fees. There are many advantages to this option:

  • You will defer paying for these costs until the end of your divorce case
  • The credit card debt will end up being divided between you and your ex-spouse
  • Creating and paying off credit card debt in a timely manner will help you get a better credit score

However, you must also remember not to accumulate too much credit card debt. Your divorce lawyer in The Woodlands knows that your spouse’s legal counsel will definitely try to accuse you of dissipation of marital assets.

Let Your Attorney Negotiate the Best Agreement

In a divorce, you will have to accept various trade-offs. You won’t be able to keep all the assets you wish to have. You cannot impose your terms on every aspect of the divorce. Of course, you may choose to fight your spouse in court.

But the longer your divorce takes, the more expensive it will be. Each hearing and each expert witness will add up to the total cost. Thus, you may reach the point when you can’t afford to continue your battle in court and have to settle for whatever the court decides.

Hire a Skilled Divorce Lawyer in The Woodlands!

When planning your divorce finances and looking at ways to cut costs, one thing cannot be eliminated: an experienced divorce lawyer in The Woodlands. Without skilled legal representation, you will walk away with an unfair share of the marital assets and reduced abilities to rebuild your life.

At Bolton Law, our main concern is to obtain the best possible result for each client within a reasonable period of time. Let us help you move on with your life and start anew in a safe financial position.

Call us today to schedule your initial appointment at 281-519-2287!