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How to prepare financially for divorce

The prospect of divorce can be so emotionally taxing, many people do not consider the necessary financial aspects of divorce. After all, most Houston divorcees get bogged down with figuring out what went wrong, or they are consumed with what life could be like after the split is complete.

In the meantime, there are several important financial issues that must be resolved. By preparing for them, you can save quite a bit of money and heartache at the same time. This post will explore some ways as to how this can be done.

Make dollars and cents make sense - Even though the relationship may be ending on a bad note, couples should commit to getting out of the divorce through an uncontested divorce. This way, couples can avoid all the costs and fees for discovery, depositions and motions.

Gather all tax and income documents - People filing for divorce need to produce a financial affidavit, which is a snapshot of a party's earnings, assets, living expenses, and debts. To save money, gather these items for an attorney prior to the first meeting.

Get your credit report - Before initiating a divorce, it is important to know what your credit history, so that you can accurately detail what you owe jointly, as well as separately. This can also help in identifying assets (and credit accounts) that you may not have known about.

Have an understanding of your budget - Many people shy away from divorce because they believe it will be a collasal expense. Don't be afraid to have consultations where you lay out your facts and expectations, so that you can get a working estimate of how much you can expect to spend.

Source: Money.USnews.com, How to get your finances in order before a divorce, May 17, 2013

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