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Divorce is one of the most significant life transitions a person can experience. Along with the emotional and practical changes, divorce often brings major financial consequences that can affect you for years to come.
In Texas, divorce involves more than simply ending a marriage—it also requires dividing property, addressing debts, and planning for financial independence moving forward. Taking the right steps early can help you protect your assets, reduce stress, and position yourself for a more stable future.
At Coker, Robb & Cannon, Family Lawyers, we regularly guide clients through the financial side of divorce, and preparation is one of the most important tools you have.
Below are key steps to help you prepare financially for a divorce in Texas.
1. Understand Texas Community Property Laws
Texas is a community property state, which means that most property acquired during the marriage is presumed to belong to both spouses equally.
Community property can include:
- Income earned during the marriage
- Homes and real estate purchased while married
- Retirement contributions made during the marriage
- Vehicles, investments, and business interests
- Debts incurred during the marriage
Separate property, on the other hand, may include:
- Assets owned before marriage
- Inheritances or gifts received by one spouse
- Certain personal injury settlements
Understanding what is likely to be considered community versus separate property is essential before negotiations begin.
2. Gather Important Financial Documents Early
One of the most helpful steps you can take is collecting financial records as soon as possible. Divorce requires full financial disclosure, and having documentation organized can save time and money.
Key documents include:
- Tax returns (last 2–3 years)
- Pay stubs and income statements
- Bank and credit union account records
- Retirement accounts (401(k), IRA, pensions)
- Mortgage statements and property deeds
- Credit card statements
- Business ownership or partnership records
- Insurance policies
- Loan and debt documentation
If possible, for any bank, investment, or retirement accounts that you had before marriage, it’s important to obtain copies of statements from just before the time of marriage. That also goes for real estate purchased prior to marriage. Any closing documents or account statements associated with those assets will help your attorney determine what portion is community and what portion is separate.
Having these records ready allows your attorney to assess the marital estate accurately and advocate effectively for your interests.
3. Take Inventory of Assets and Debts
Many people underestimate the number of financial items involved in a divorce. Creating a full inventory helps ensure nothing is overlooked.
Consider making a list of:
- Real estate
- Vehicles and recreational property
- Investment accounts
- Retirement funds
- Business assets
- Valuable personal property
- Student loans, credit cards, and other debts
Divorce is not just about dividing what you own, it is also about dividing what you owe.
4. Establish a Post-Divorce Budget
Divorce often means transitioning from one household to two. Planning ahead for your financial future is critical.
Ask yourself:
- What will my monthly living expenses be?
- Will I need temporary or long-term support?
- Can I afford the marital home on my own?
- What costs will change once we separate?
A realistic budget can guide decisions about property division, spousal maintenance, and child support.
5. Protect Your Credit and Financial Accounts
Divorce can impact your credit score and financial stability, especially when spouses share accounts or debt.
Helpful steps include:
- Monitoring your credit report
- Closing or freezing joint credit accounts when appropriate
- Opening an individual bank account for personal income
- Avoiding major new purchases or debt during the divorce process
Do not take unilateral actions without legal guidance, but do be proactive about understanding your financial exposure.
6. Avoid Hiding Assets or Making Financial Mistakes
It can be tempting for spouses to move money, conceal accounts, or make sudden financial decisions out of fear or anger. In Texas divorce courts, these actions can backfire severely.
Courts may penalize parties for:
- Hiding assets
- Wasting marital funds
- Making large withdrawals without explanation
- Transferring property improperly
Transparency and strategic planning are always better than risky financial decisions.
7. Consider Temporary Orders and Immediate Financial Needs
In many divorces, one spouse may rely on the other financially during the process. Texas courts can issue temporary orders to address issues such as:
- Payment of household bills
- Temporary spousal support
- Temporary child support
- Exclusive use of the marital residence
An experienced attorney can help you seek appropriate protections early in the case.
8. Work With a Family Lawyer Who Understands Complex Finances
Divorce is a legal process, but it is also a financial one. Retirement accounts, business interests, real estate, and support obligations require careful planning.
At Coker, Robb & Cannon, Family Lawyers, our team has extensive experience handling financially complex divorces throughout North Texas, including Denton, Frisco, and Fort Worth.
We help clients:
- Identify and value marital assets
- Protect separate property claims
- Negotiate fair settlements
- Prepare for court when necessary
- Plan for long-term financial stability
Schedule a Consultation With Coker, Robb & Cannon
If you are considering divorce or expect one may be coming, preparing financially now can make a meaningful difference later.
Our firm provides strategic guidance and practical solutions to help you move forward with clarity and confidence.
Coker, Robb & Cannon, Family Lawyers
Offices in Denton, Frisco, and Fort Worth, Texas. Serving the greater DFW area.
You can reach out through our online contact form or call (940) 293-2313 to start a conversation about your situation.