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Financial planning before filing for divorce

Texas couples who are considering divorce might want to think about financial planning even before the process begins. Taking certain financial steps is especially important when there are a lot of complicated assets involved.

Financial planning before divorce entails organization, research and preparation. Experts recommend that if divorce is on the horizon, spouses should get copies of all financial documents and keep them in a safe place. Part of collecting documents can include keeping copies of credit card receipts, particularly if these can be later used as documentation to prove infidelity. In a high-asset divorce, the list of documents might be long and take time to acquire.

Being aware of credit scores and establishing individual accounts such as savings, checking and credit cards is also important. These new accounts should be opened in a bank different from where the couple has joint accounts.

In addition, soon-to-be exes should be aware of their tax situation and how this will change once the divorce takes effect. This information can be valuable during the settlement negotiations. Speaking of negotiations, spouses should enter this process with an objective yet business-like frame of mind. While it may be difficult, thinking financially instead of emotionally can be helpful when negotiating and planning a post-divorce life.

Experts also advise creating a divorce support system early on. This might include speaking with a lawyer with experience in family law. This professional could provide guidance throughout the process by sharing information and advice on how to proceed with negotiations and settlement agreements.

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