Texas residents who have been through a divorce know how stressful the process can be. With a little bit of preparation, however, a difficult situation can be a lot more tolerable.
The end of a marriage rarely happens overnight. Often, a marriage deteriorates for years before the decision to divorce is made. It is during this time that a soon-to-be ex should prepare for the eventuality. In some cases, there are actions that can be taken. With other issues, careful consideration and negotiation are required.
Anyone contemplating divorce should consider the potential financial impacts. This means looking at financial documents from both partners. Tax returns and bank accounts should be reviewed, credit reports should be obtained and living expenses should be detailed. While tax returns might disclose an asset not known before, a credit report may reveal unknown debts of the spouse. To prepare for life on one income, a spouse could prepare a rough budget.
For large assets, the party should consider how they are to be divided and whether an item such as the house should be sold. When making this decision, it’s important to consider the cost of living in the home, the current debt load and the current market status.
Another area to consider is the method for dissolving the marriage. Though the actual divorce is normally signed by a judge, property settlement and custody issues can be handled in a number of ways. The parties could agree on terms through mediation or arbitration. These are both normally less expensive than going to court.
Hiring a qualified family law attorney can have a strong impact on the case. An experienced attorney may be in the best position to judge which avenues of disposition to pursue.