1. Identify all of the assets and liabilities.

2. Define what may be separate property and what may be marital (or community) property with your divorce lawyer in Dallas, Tx. 

3. Create a detailed list of estimated post-divorce income and expenses. Some item may be known, and some may be unknown. 

4. Evaluate various options for splitting the assets and liabilities, as well as various options for post-divorce income and expenses.

5. Work through difficult issues such as what to do with your home and the family business.

6. Narrow down the options to what is reasonable and realistic.

7. Achieve a financial settlement that is acceptable to both spouses

A Divorce Lawyer’s Perspective

It is usually very hard to separate the financial decisions that need to be made from the intense emotions felt during the divorce process.  However, it is very important to try to make rational, educated financial decisions instead of irrational, emotional decisions during the process.

It may be helpful to find a neutral third party person who understands finances to help advise you on financial decisions during the divorce.  This person should NOT be a family member or friend who hates your spouse.  This needs to be a person who has no ties to the situation and who can remain calm and level-headed during the process.

CLICK HERE to read the next installment of “PHASES OF DIVORCE”: The Financial Stages
Part 1: Phases of Divorce – Overview
Part 4: The Legal Stages of Divorce
Past 5: The Social Stages of Divorce
Part 6: Conclusion-The New Single You