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Preparation helps with financial decision-making during divorce

On Behalf of | Aug 22, 2019 | Divorce |

Navigating divorce proceedings can be intimidating. In San Antonio and elsewhere, the financial impact of divorce is a common concern. However, those confronting divorce proceedings can make things easier on themselves by being financially prepared for the future.

Prior to the divorce process, it is a good idea to gain a thorough understanding of the household finances. This can be done by keeping a detailed account of all current expenses, as well as trying to anticipate future costs. Monthly or quarterly statements regarding investments, retirement savings, bank accounts and credit card accounts can be especially helpful in gathering this information.

This information can help provide a snapshot of what one’s personal finances will look like following divorce. It will also help when it comes to negotiating the division of community property, including real estate and retirement accounts. It’s important to have a good understanding of the marital finances in order to make informed decisions that will serve the individual’s best interests in both the short and long term. 

There are alternatives to traditional litigation, which is generally time-consuming and expensive. Direct negotiations and/or mediation offer workable alternatives that can help keep the costs down while maintaining the focus on achieving a comprehensive and balanced settlement. A divorce attorney in the San Antonio area can provide the direction needed to navigate the family law proceedings with the client’s best interests at the heart of the matter. Of course, not all cases are so easily settled, and the attorney will be prepared to go to court and litigate issues that cannot otherwise be resolved.