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Family and Criminal Law Blog

Friday, February 24, 2017

Regaining Financial Security After Divorce

What steps can I take to rebuild my financial life after divorce?

A divorce in Texas can take a toll on your finances.  During a divorce, your hard earned marital assets will be divided between you and your former spouse.  For many couples, the loss of some assets is further compounded by the loss of your spouse’s income.  While your expenses may stay the same in the aftermath of a divorce, your income could be far less.   The good news is that by following some simple steps, you can start on the path towards a strong financial future after divorce.

  1. Take inventory of your finances: After the dust of the divorce has settled, it is important to take a careful inventory of your new financial life.  Create a spreadsheet or list with a tally of your income, expenses, assets, and liabilities.  Simply having a firm understanding of your finances will empower you to reach financial freedom.
  2. Create a new budget:  With an accurate picture of your current financial life, you can now create a new household budget.  Several online sources, including banks, offer budgeting tools that will allow you to manage your monthly finances.  Be sure to take into account one-time expenses as well, such as weekend trips and emergencies.
  3. Put all assets in your name:  If you kept the family home or car in a divorce, it is important to now transfer these assets to your name alone.  For a home, this could involve refinancing your mortgage.  For a car, it will require amending the title.  Joint bank accounts should be closed and separate accounts opened in each spouse’s individual name.
  4. Identify your priorities:  A divorce is a major life event.  Use this time as a period of reflection not just on your personal life, but your financial life as well.  Now is a time to identify what expenses matter to you and which you could perhaps do without.  

If you are considering divorcing your spouse in Texas, contact our experienced divorce attorneys at Navarrete and Schwartz, P.C.  Our firm provides comprehensive legal services to individuals across West Texas.  




Navarrete & Schwartz, P.C. is located in Midland, Texas and serves the surrounding cities and counties, including: Odessa in Ector County, Andrews County, Martin County, Howard County, Winkler County and Crane County.



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