Going through a divorce is an emotionally taxing experience. Once you have reviewed the divorce process and requirements for filing, it is time to start thinking about the terms of your marital settlement agreement. When you are considering filing a petition for divorce, it is important to prepare and review the divorce process and requirements for filing.

In your preparation for divorce in Frisco, the following points should be a helpful guideline to help you through the process. When you have questions about Texas divorce laws, consult a skilled divorce attorney and get the support you need during this transitional period.

Protect Finances

One of the most important things to do when preparing for divorce in Frisco is to secure one’s finances. When filing for divorce, each party will be expected to identify all of their expenses, financial assets, and liabilities. They should do the following:

  • List the household bills and who is responsible for paying each bill
  • Prepare a financial information document listing both spouses’ income and expenses
  • Identify all financial accounts, including bank accounts, brokerage accounts, and credits cards
  • List what retirement assets each party has, such as IRA’s, 401k’s, 403(b)’s, and any state or federal pension

Likewise, someone who is considering filing for divorce should take steps to protect their own financial situation. Divorces are expensive and many people are not prepared for the costs associated with filing. Plus, after the final decree is entered, each party must be prepared to support themselves, as spousal support is not always awarded. To mitigate the financial burden of filing for divorce, be sure to open individual bank accounts and credit cards, and have access to a separate savings account if possible.

Child Custody Considerations

When Frisco couples are figuring out how to prepare for divorce, child custody is a hot-button issue. There are various types of custody arrangements, and each situation has unique factors for the court to consider. Someone filing for divorce must be well-prepared to navigate the issues relating to their child’s upbringing.

When both parents agree on a custody arrangement and visitation schedule, this part of the process will go smoothly. However, there is always the possibility of a disagreement. For example, when there are allegations of domestic violence or substance abuse that make one parent unfit to have custody, the other could gather evidence to support this claim. An experienced family law attorney could review the different types of custody and develop a parenting plan to meet both the spouses’ and the child’s needs.

Spousal Support

During a divorce, issues related to alimony or spousal support may arise. Although it is relatively rare, if there are circumstances that justify spousal support, the person seeking alimony could gather evidence on this point. For instance, proof of income, expenses, and education could all be relevant to the court’s decision. The judge will also look at the length of the marriage and each person’s earning potential. The court is more likely to award support to someone who does not have the earning potential to support themselves. A Frisco attorney could help individuals prepare for this part of divorce and determine how to protect their financial stability as they move on with their life.

Division of Marital Assets

The division of marital assets can also be a contentious part of a Frisco divorce preparation. Both spouses may have individual assets they would like to protect, and there is likely marital property to divide.

Start off by listing all jointly owned assets and then any individually owned property. In most cases, property or other assets acquired during the marriage are subject to equitable distribution. Separate property, including assets owned before the marriage, is not part of the marital estate.

Contact a Frisco Attorney for Divorce Preparation Advice

The process for filing for divorce can be complicated as there are a number of requirements to meet, and it can be especially difficult to divide marital assets. A legal professional could advise you on how to navigate the situation and successfully negotiate custody disputes and equitable distribution of assets.

At Towson Law Firm, PLLC, we stay focused on peaceful resolutions. When you have questions about preparation for divorce in Frisco and beyond, contact us to schedule a confidential consultation.

Meet Matt Towson

Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.

Meet Matt Towson
Meet Matt Towson
Meet Matt Towson