If you are divorcing, you may wonder how you will be able to afford to take this much-needed step towards personal freedom. Divorce does cost money, but it is important that you do not put it off or even worse give up on it out of fear that you cannot afford it. The following tips can help you secure your finances before, during and after your divorce.
When divorcing spouses maintain a focus on agreement, they save money. Divorce is not easy, but the notion that cooperation can cut costs can be a powerful motivator to set conflict aside. One way in which agreement can reduce the financial burden of divorce is in the area of legal fees. It is important that each spouse retains his or her own attorney, but the amount of work that your attorney has to do on your behalf is directly connected to the amount that you will end up paying them. If you and your soon to be former spouse are approaching your attorneys with drafts of a divorce agreement that you have worked on together, you will not spend as much on legal fees as you would if you are fighting with each other through your attorneys about who should get which assets and what your parenting plan should look like, if you have children.
In reality, not all divorces can be resolved amicably. Fortunately, you can keep your costs down regardless of the level of conflict in your divorce. Knowing the details of your personal and household finances is one of these strategies. You can gather information about your debt and any marital debts that you and your spouse have, and you can do some research and find out what your household expenses are as well as what you might expect to pay to establish a new home for yourself.
Making financially wise decisions during your divorce can reduce not only the up-front costs of divorce but also the long-term costs. Divorce is an emotional process, but it is essential for your financial well-being that you do your best to address your emotional needs – through counseling, talking with supportive friends or whatever works for you – and make financial decisions from a purely practical frame of mind. For example, you may have to work through your feelings about your marital home before you can do an honest and sufficiently detailed calculation to determine whether it makes sense to try to keep it on either a short-term or a long-term basis.
As you and your soon to be former spouse work through your divorce, see whether the two of you can agree on whether to sell any items to make more cash available to pay off debts or divide amongst each other. There are laws that govern marital property, so you must check with your attorneys before selling anything because an improper sale is illegal. Selling items requires consulting with your attorney, but you are free to reduce your personal expenses by eliminating unnecessary spending, starting your new household with only the bare minimum of utilities and looking for ways to save money on one-time and recurring costs.
While you work to build a strong financial future for yourself, a Texas Family Law Attorney can help you pursue an outcome in your divorce that will meet your current and future needs. To learn more, please contact attorney Alex Tyra at (903) 753-7499 to arrange a consultation, or visit us online and submit a convenient online contact form.