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5 tips for a more confident approach to property division

On Behalf of | Aug 26, 2022 | Divorce |

Texas is a community property state. This means that you and your soon-to-be ex-spouse will share marital property equally, or as close to it as possible.

For this reason, you may be facing property division with a certain amount of angst. Here are five tips to help you approach this phase of your divorce with greater confidence.

1. Gather financial records

The first step in preparing for property division is to pull together your financial records. The basics include your bank account and retirement account statements, credit card statements, tax return copies and loan documents, such as your mortgage and auto loan. Make a list of your assets and debts to provide to your divorce attorney.

2. Track your expenses

Track your household expenses for food, clothing, transportation, childcare, home repair—anything you spend money for. This will help bring your financial picture into focus. While essential for property division, the information will also help you set up a workable post-divorce budget.

3. Spend conservatively

The court frowns on spending sprees prior to divorce. Spend as usual for what you need but embrace a conservative approach. Do not make big financial decisions until the divorce is behind you.

4. Weigh advice carefully

Be wary of friends and family members who offer advice. They may mean well, but every divorce is unique. Your best resource for advice is your attorney.

5. Seek professional help

You do not need to go through property division alone. Your attorney will help you with the many concerns related to the divorce itself and especially the property division segment. If you have significant assets, you can also rely on outside professionals such as an accountant and a financial advisor. The team you put together will help you face property division with greater confidence.