If you are planning to end your marriage at some point in the future, you know a lot is at stake. Your finances may only be one of the many things you have concerns about, but you would be wise to think now about things you can do that will give you a stronger place from which you can negotiate later. Preparation is a key component to a reasonable divorce order.
You do not have to go to court to divorce. In fact, many Texas couples choose mediation and other out-of-court solutions to resolve their divorce concerns. This is a valid way to save time and money, but you can still tenaciously defend your future interests throughout this process. It can be helpful to start thinking about things you can do now that will benefit you when it’s time to move forward.
Do you know what you need to know?
One of the most critical steps you can take to get ready to negotiate is to familiarize yourself with your finances. This is critically important if you were not really involved in financial decisions or the day-to-day money management during your marriage. You need to know about your accounts, your savings, long-term investments and more.
All marital property is subject to division in a divorce. This includes any money and assets accumulated, purchased or collected during the marriage. When you know about all of your assets, you can better negotiate for your fair share. It may also be helpful to locate and gather important documents pertaining to your finances.
Whom should you talk to?
You can still negotiate a strong financial future, even if you are not a financial expert yourself. For this reason, it is extremely important to talk to people who can help you intentionally pursue a strong settlement. Discuss your concerns, do your research and familiarize yourself with what your post-divorce financial life may be like.
When mediating a divorce, it is likely that you will be able to avoid the fights and stressful battles that often happen when a Texas couple is trying to reach a financial settlement. However, this does not mean that you should not strongly pursue terms that allow you security and stability for years to come. You may want to speak with a professional familiar with the mediation process to learn more about what to expect and what you can do to prepare.