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Accounting for the financial aspect of a divorce

Ending a marriage may significantly affect your finances, both in the present and the future. Therefore, it’s important to have a plan in place to ensure that you can pay legal fees, housing costs and other expenses that you might incur before, during and after your divorce is finalized. As Texas is a community property state, you will likely receive money and other resources to help you survive on your own.

Create a list of expenses

The first thing that you’ll want to do is to create a list of all the expenses that you’ll likely encounter during the divorce process. This will enable you to get an idea of where your money is going as well as help you find ways to cut costs if necessary. It may also give you some idea as to how you want to settle your divorce. For example, mediation may only cost a few hundred dollars as opposed to the thousands it might cost to pursue litigation.

Create a plan to cover those costs

If you stayed home throughout your marriage, it may be necessary to find a job to make ends meet after separating from your spouse. If you’re employed, you may need to work more hours or find a second job to cover the cost of medical care, transportation and other expenses.

Alternatively, it may be possible to fund your lifestyle by borrowing against a retirement account or selling personal belongings. Of course, you may need permission to do so if a retirement account or other items that you want to sell might be considered part of the marital estate.

A divorce may be one of the most expensive experiences of your adult life. However, taking a proactive approach to ending your marriage may allow you to get through it without completely draining your bank account. Depending on the circumstances of your case, your spouse may be required to help pay for legal fees or other costs related to dissolving your marriage.