Texas women who feel a divorce is imminent should be aware of three documents they should have on hand if they want to proceed with the best financial strategy. While divorce is difficult for all people regardless of gender, women specifically are often left in the dark about their household's financial situation, financial and legal assets and investments.
A woman who believes she may soon be facing the end of a marriage should focus on collecting documents related to the household's finances. She should pay special attention to tax returns, net worth statements and lifestyle analyses prior to filing for divorce. This will help ensure that all future settlement decisions will be well-informed and thoroughly researched, which will in turn provide her with a better financial future.
One thing a woman should do prior to filing divorce is run a credit report to help her understand her liabilities and any outstanding joint obligations that will need to be closed once she is no longer married. She should find out if there are any hard-to-value assets, such as collectibles.
A woman who is getting divorced should also locate tax returns for the most recent three years, as well as supporting documents used to file those returns. She can obtain copies of these documents by completing an IRS Form 4506 or contacting the family's tax preparer. Finally, she should obtain a lifestyle analysis. This will help her understand what expenses she may be responsible for, if any. A lifestyle analysis looks at everything from income to health insurance and debt. A woman who feels she should soon file for a divorce should consider working with an experienced attorney who may be able to help her navigate the difficult waters of property division.