Divorce brings emotional and financial challenges, but taking the right steps early can make a difficult situation more manageable. Understanding financial rights, preparing for lifestyle changes, and making decisions about children can help reduce stress during the process. While every divorce is unique, having a plan in place can provide stability and prevent unexpected complications.
In the video, Atty. Tina Campbell and Atty. Heather Ogier of Turner-Monahan PLLC discuss the crucial financial steps to take before a divorce, highlighting the importance of securing assets, understanding financial accounts, and planning for children’s well-being. All case evaluations are based on Texas Family Law. This content is for educational purposes only.
Secure Your Finances Before Anything Else
When divorce seems likely, planning ahead can make a major difference. Setting money aside, securing financial resources, and protecting assets are all steps that can provide stability. Knowing the passwords to bank accounts and credit cards and having a clear understanding of household finances can prevent unpleasant surprises.
It is not uncommon for spouses, especially those who haven’t handled the finances, to have no idea where the money is kept or how it is managed. Some only use one credit card without knowing the balance. That can be terrifying. If this kind of financial information has never been a concern before, now is the time to start gathering it.
Having a separate bank account that the other spouse cannot access can help maintain financial independence. Keeping this account in an entirely different bank can reduce the chances of accidental transfers or confusion. Even when a separate account is set up at the same bank, mistakes can happen.
Bankers who know both parties but are unaware of the divorce may transfer funds incorrectly between accounts, assuming they are still shared. Redirecting paychecks into this new account ensures financial security, avoiding the shock of waking up one day with no money left.
Understanding Credit and Debt Responsibilities
Dividing financial assets is one part of divorce, but debt is just as important. Many people assume that if a debt is in the other spouse’s name, they are not responsible for it. However, in community property states like Texas, debts accumulated during the marriage may still be considered joint obligations.
Checking credit reports and understanding what accounts are open in both names can prevent surprises later. Closing joint credit cards or removing oneself as an authorized user can help prevent additional debt from being accumulated. Refinancing any shared loans into individual names, if possible, can also provide more control over personal finances post-divorce.
Thinking About the Children
Figuring out what the transition will look like for the children is another important step. Deciding where they will live and how to talk to them about the changes can make a big difference. They do not need to hear every detail about the divorce, but they do need to be prepared if they will be moving to a new home, if one parent will be living elsewhere, or if they will temporarily stay with grandparents.
Surprising them with major changes can make the situation even harder. Giving them time to adjust can help, and depending on their age, informing teachers might also be beneficial. A simple explanation can help teachers understand if a child’s behavior shifts. It can also help close family members so they do not become suspicious or confused when changes in routines happen like grandparents suddenly picking them up more often.
Reevaluating Expenses
Many spouses, especially those who stayed at home or earned less, find themselves in financial situations they never fully understood. A car that costs $100,000 with a $1,500 monthly payment may not be realistic post-divorce. Looking at these expenses early can help in making decisions before the divorce is finalized, such as switching to a more affordable vehicle to avoid financial struggles later.
Housing is another major consideration. Many spouses want to keep the house to provide stability for the children. However, reality often makes that difficult. If there is no steady income, refinancing a mortgage under one name, paying off the other spouse’s share of the equity, and keeping up with mortgage payments, utilities, groceries, and all other expenses can be overwhelming.
Spousal support does exist, but it is rare, does not last long, and is not always a significant amount. Relying on it long-term may not be an option. Temporary support can help for a short period, but having a sustainable financial plan is crucial. Some spouses struggle with the idea of leaving their current neighborhood, but financial independence often requires making hard choices. The sooner self-sufficiency is reached, the less influence the other spouse will have over financial decisions.
Keeping Communication Simple
Divorce is not the time for long emotional messages. Keeping conversations short and to the point can prevent unnecessary conflict. When discussing children, asking simple questions works best.
“Are you picking them up?” is enough. There is no need to add, “Because I have to check since you never get there on time.” Adding personal frustrations into messages only invites more arguments.
If a message from the other spouse is disrespectful or aggressive, there is no obligation to engage. If there is no question that requires an answer, there is no need to reply. Trying to justify or defend personal choices rarely changes the other person’s opinion. If that were possible, the divorce likely would not be happening.
Anything written in a text message could be read in court. Arguments over text often look bad when read aloud in front of a judge, regardless of who started them. Keeping responses short, factual, and focused only on necessary details, such as arrangements for children or financial matters, avoids unnecessary complications.
Immediate Steps to Consider
For a spouse facing divorce, there are a few critical areas to focus on. Financial planning is key. Understanding personal finances, securing independent accounts, and considering future expenses can help prepare for life after divorce.
Plans for children, including where they will live and how to discuss changes with them, should also be thought through. Housing is another major factor. Evaluating whether keeping the house is realistic and making necessary adjustments ahead of time can ease the transition.
Consulting with an attorney can provide clarity on what to expect legally based on local laws and circumstances. Every situation is different, and understanding rights and options early on can prevent issues later.
What Does the Texas Family Code Say About Divorce?
Texas law provides specific guidance on issues related to divorce, including property division, child custody, and financial support. Here are a few relevant sections from the Texas Family Code and how they apply:
Section 3.002 – Community Property
Texas follows community property laws, meaning that most assets and debts acquired during the marriage belong to both spouses equally. During a divorce, the court divides this property in a way that is “just and right,” which does not always mean a 50-50 split. Factors such as earning potential, contributions to the marriage, and fault in the divorce can influence the division.
Section 154.001 – Child Support
Texas law requires child support to be calculated based on the income of the noncustodial parent. The standard percentage starts at 20% for one child and increases with additional children. Courts can adjust this amount based on the child’s needs and other financial factors.
Section 8.051 – Spousal Maintenance
Spousal support, or maintenance, is only granted in limited cases, such as marriages lasting 10 years or longer, situations involving domestic violence, or cases where one spouse has a significant financial disadvantage. Even when awarded, spousal maintenance is typically temporary and subject to strict guidelines.
Section 153.002 – Best Interest of the Child
Texas courts prioritize the best interest of the child when deciding custody arrangements. Factors such as the child’s emotional and physical needs, each parent’s ability to care for them, and any history of family violence are considered when making custody decisions.
Understanding these statutes is crucial, but how they apply can vary based on individual circumstances. Speaking with a family law attorney can provide clarity on what these laws mean for your specific case.
Hire An Experienced Fort Worth, Texas, Divorce Attorney
Divorce comes with financial, emotional, and legal challenges, but preparation can make the process smoother. Understanding financial obligations, making plans for children, and seeking legal guidance early can help protect long-term stability.
Consulting with a family law attorney can provide the legal support needed to navigate this transition with confidence.
Schedule a free, no-obligation consultation with attorney Tyler Monahan to discuss the details.
Check our website for more information about our services. Plus, don’t forget to go through our blog to find out more regarding your case. There is tons of information on divorce and answers to unique questions like “How Can Parents Establish a New Normal That Prioritizes Their Children?”
FAQs Regarding Divorce
Divorce cases are unique, so you will have many questions. To save you time and hassle, here are some topics that revolve around the area. For more information, contact our firm, Turner-Monahan, PLLC.
Disclaimer
The commentary and opinions are for informational and educational purposes only and not to provide legal advice. You should contact an attorney in your state for legal advice concerning any particular issue or problem. You can become a client and enter the attorney-client privilege only after hiring Turner-Monahan, PPLC, by signing a written retainer agreement.
