The more assets you have, the more overwhelming the prospect of property division might seem as you approach your divorce.
Organization is key, so here are four tips to help you prepare and make property division a less onerous event.
1. Gather your documents
The easiest yet most time-consuming task is pulling together your financial documents. Begin with your bank account and investment account statements, your credit card statements, recent pay stubs and income tax return copies. Your attorney will need a list of assets and debts but remember to keep a copy for yourself.
2. Track expenses
Track your income and household expenses. Include anything you spend money for, such as food, clothing, home repairs, transportation, childcare and medical bills.
3. Delay making major decisions
Your divorce will cover major financial changes. Therefore, it is best to wait until the proceedings are behind you to make any further changes. Otherwise, the court could charge you with contempt.
4. Spend conservatively
As you approach your divorce, you can continue to use your accounts as usual, whether they are separate or joint accounts. However, keep in mind that the court will take note if you do not spend conservatively.
Understand community property
Although Texas is a community property state, you should not expect a 50-50 split of your marital assets. The court will consider several factors, such as the amount of property you and your spouse own, how many children you have, how capable you are of earning a living and how the divorce will affect your finances going forward. The judge will make property division determinations that are as fair as possible to both you and your soon-to-be ex-spouse.