Year-End Divorce Financial Goals
Consult your attorney about your financial goals when going through a divorce.For many year-end divorce financial tasks keep people busy the month of December. Managing money is a part of life whether we are single, married or in the process of divorce. Sometimes keeping busy and focusing on important tasks allows us a break from thinking about how much life can change. As money and financial issues are a necessary part of life, they also help provide freedom and mobility in life as we take next steps.
Preparing for divorce
Year-end divorce finance goals for people who are married and planning to divorce in the new year can organize financial statements from different perspectives depending on what you may anticipate in the divorce. If you have already consulted with a family law attorney in Plano, Texas you may understand your upcoming responsibility for child support and spousal support. You may choose to organize your financial records anticipating calculations of your net resource income in setting child support.
If you are seeking child or spousal support, you can organize and estimate your known monthly and yearly expenses involved in managing the home and the expenses involved in providing care and support for the children and their expenses.
During a divorce
While going through the divorce process you are likely paying or receiving financial support pursuant to temporary orders. When you either agree with the other spouse or the court issues its own temporary orders, your budgets may be temporarily affected pending the finalization of divorce. Your year-end divorce numbers during divorce may change after the divorce is final, or they could be a new financial reality for years into the future.
Your property and assets to be equitably divided in the divorce, again by agreement and otherwise by order of the court, can influence your financial goals in the future after the divorce. If your temporary situation is something that you can manage consistent with your financial plans, good. If not, changes may be necessary.
After a finalized divorce
Your year-end financial recap should set help you appreciate where you may have been, where you are now, and where you are headed in managing your money and finances. As your defined family and roles change you have new opportunities to make and grow wealth for you and your family’s future. A new set of estate planning documents and investments into college funds, life insurance and other financial products are useful in charting progress towards financial goals.
At all stages in a divorce and family law cases in Collin County, Texas the attorneys at Scroggins Law Group can assist with your divorce financial questions and goals about property division, child support and spousal support.
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At Scroggins Law Group, we have more than 20 years of experience with family law cases in Plano, Collin and Denton Counties. When you retain our firm, you can trust that your case is in the hands of a highly skilled, dedicated professional. We understand the unique challenges of a high value divorce case, and more importantly, have the knowledge and experience you need on your side. Call us today, (469) 626-5220, to learn more about Texas divorce and family law.
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*Mark L. Scroggins is *board-certified in family law by the Texas Board of Legal Specialization. Unless otherwise noted, other attorneys are not *board-certified.
**Super Lawyers (a Thomson Reuters service, awarded to Mark Scroggins 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021)
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