• 24
  • August
    2010

When it comes to divorce in Texas, there are really no simple solutions. Like it or not, you and your former spouse will have to come together to resolve important issues such as child custody, child support, property division and/or spousal maintenance. Fortunately, there are steps that you can take to avoid future complications, as well as mitigate the potential financial consequences of a divorce.

Today's post is the first in a series. It will discuss steps that you can take to help reduce the financial impact of a divorce.

Utilize divorce mediation or another form of alternative dispute resolution

In divorce mediation, the former spouses work together outside of the courtroom to resolve important issues, including property division, alimony/spousal maintenance, child support and child custody. The entire process is led by a neutral third party mediator who works to facilitate mutual agreements among former spouses.

Divorce mediation is often a fantastic option for those couples who are willing to put their differences aside or who ended their marriage amicably. It can preserve relationships, expedite the divorce process and, most importantly, save you from spending vast sums of money on legal fees.

Control your emotions

A divorce is a very emotional time. Don't be surprised if you experience a wide range of feelings, including anger, sadness, anxiety and even relief (to name only a few).

However, it is very important that you don't let these feelings interfere with your ability to make sound financial decisions. An angry and impulsive choice made in the heat of the moment can potentially haunt you for years to come.

Be certain to take time to cool down in the wake of any stressful divorce-related events and ensure that you are in a rational state of mind before making any major financial decisions.

Educate yourself about your finances

Take the time to learn all about the specifics of your finances, including your income and debts. Conduct research to learn about unknown topics, gather important documents and contact any important third parties (lenders, accountants, attorneys, insurance agents, etc.). 

The following post is provided for informational purposes only and is not to be construed as legal advice. Be sure to contact a legal professional if you have questions or concerns regarding a family law matter.

Stay tuned for more in the next post from our Tarrant County divorce blog ...

Related Resources:
  
• 10 Ways to Avoid Divorce Disaster (Bankrate.com)