Woods, May & Matlock are there for you when you need divorce and family law attorneys in Denton, TX.
If you’re going through a divorce you need to get out of the negative traps your emotions can bring. Follow these financial tips to help make sure you plan for the future of your family instead of throwing it all away because of emotions. This advice may help you stay out of the emotional pitfalls, a consultation with a reputable family law attorney is the best way to protect yourself legally.
Uneven terms are common
It’s a sad and common story in our culture to hear about one partner getting completely ruined financially over a divorce. Ending a relationship with someone you once loved takes on an emotional dimension that our rational brain can’t always handle. Even if you’re great with investing, taxes, and personal finance, you can easily find yourself losing it all in a divorce.
The biggest mistake
In an attempt to heal emotionally, many ex-husbands and wives move out of the home they bought with their spouse taking only a few bags of clothing and keepsakes in a rush. This gives your ex all the power. They have the home, the possessions, and the kids.
Many times the person leaving thinks they are doing the right thing by letting their ex keep all the stuff. You might not care about the porcelain tea set or designer sofa and also hope your ex will see you as kind and reasonable, and be more pleasant in the divorce. When you give away all your power, this is unfortunately not the case. Your ex-spouse can still pursue full custody along with half of all your earnings because Texas is a “community property” state.
The right financial moves
Here’s what you need to do instead of falling financially and emotionally to your ex.
- Gather all your financial documents. Get all statements for investments and property you bought during the marriage.
- Get a good lawyer on your side. Make sure to choose an attorney who not only specializes in family law and has experience, but also is someone who you feel you can trust. You should meet for a consultation and ask about a lawyer’s approach to your individual case before signing any agreements. Some Divorce lawyers can be very aggressive, or they can take a more peaceful approach to resolving divorce. You need to decide what approach is right for you and the complexity of your divorce.
- Check your credit. Clear up any issues on your credit report. You’ll need good credit to get loans and a new place to live. Also watch joint credit card statements to make sure your soon to be ex isn’t charging gifts for a new significant other and or unnecessary expenses.
- Make sure you have accounts in your own name. This is critical for stay at home parents who don’t have a recognizable income to credit card companies. You’ll want to be established before your divorce with these companies because you can apply based on shared household income.
Call Woods, May & Matlock to get help from divorce and family law attorneys in Denton, TX today at 972-387-9955.