How a Texas woman can prepare for a divorce

| May 28, 2019 | Divorce |

Texas women who are considering divorce should be aware of some important documents they will need to have on hand. Divorce is burdensome for all involved, but it can be especially difficult for wives. Unfortunately, women are often in the dark about household finances, legal assets and investments.

A woman who realizes divorce is imminent should start by focusing on her own financial situation. Take the time to gather every piece of vital information prior to initiating the divorce process. This will help ensure that settlement decisions are well-researched and well-informed.

It is important to have tax returns for the most recent three years on hand. The documents that back up those returns, such as 1099 forms and W-2s, will also be important. Women who do not have access to this information should contact the family tax preparer. If that is not possible, complete an IRS Form 4506 to request copies.

A lifestyle analysis should also be acquired. This is essentially an outline of expenses that makes analyzing a family’s financial situation much more straightforward. There are several online expense trackers available that can make this part easier.

Finally, a net-worth statement should be obtained. This document tallies a family’s assets and liabilities, ensuring there have been no omissions that could affect a woman’s finances after the divorce process.

A woman who feels a divorce is imminent should consider working with an attorney experienced in property division. Legal counsel could help make sure she is properly represented in the divorce. The lawyer may be able to secure a better financial future for the client after the marriage is dissolved.