Before starting your divorce in Texas, the most important thing you can do is get organized—especially with your finances. Whether you choose litigation or Collaborative Divorce, gathering all your key financial records early (bank statements, retirement accounts, tax returns, and credit reports) will save time, stress, and money.
In a Collaborative Divorce, both spouses openly share information, making the process more transparent, efficient, and cooperative. In contrast, a litigated divorce can be more expensive and adversarial, especially if one spouse hides assets or refuses to cooperate.
By understanding your divorce options and securing your financial documents upfront, you set the stage for a smoother, smarter divorce process in Texas.
To start a divorce in Texas, you should understand some important things about your divorce process options.
You have options for how you choose to divorce. Litigating the divorce is an adversarial process that means fighting over many, if not every issue. The other option in Texas if you have any disputes, is Collaborative Divorce. Collaborative is a process designed to for you and your spouse to be in charge of the process, one that is privately navigated.
In the Collaborative process, the first big step is gathering your financial information. You need to make sure you have, or can get, all the important financial information.
Having copies of these records, is important when you’re getting a divorce.
- Do you have comprehensive bank account records spanning the duration of your marriage?
- Are you in possession of statements from retirement accounts and brokerage accounts?
- Were any of your accounts in existence prior to your marriage, and if so, can you obtain statements on your account before you were married?
- Do you have copies of your tax returns from the past several years? Do they reflect your marital financial status?
- Have you checked your credit reports for any unfamiliar charges or discrepancies?
Getting this information early is important. Talking about divorce might prompt your spouse to change passwords or hide documents. If your spouse usually handles the family finances, it is important to get this information.
In a Collaborative Divorce, you and your spouse streamline the gathering and sharing of financial information.
Collaborative Divorce encourages an open exchange of information. This fosters transparency and makes discussions more productive. In an adversarial litigated divorce, getting these financial documents can be more difficult and expensive through the use of formal discovery.
Additionally, in an adversarial litigated divorce, one party may hide assets, underreport income, refuse to produce documents, etc. thus adding significant legal and financial expert expenses. In a Collaborative Divorce, each spouse has a duty to disclose all information.
These financial documents tell the story of your marriage. They empower you to make informed decisions about your financial future. Collaborative Divorce focuses on working together to address you and your spouse’s concerns and interests rather than fighting in a litigated divorce process.
The collaborative process facilitates solutions that work for everyone.
It does this by assisting you in understanding your financial situation, including current and post-divorce budgets. It emphasizes a collective effort to achieve the best possible results by promoting a more amicable, efficient and constructive divorce experience. Does it always work for everyone? Not necessarily.
How you and/or your spouse conduct yourself. This is your case, and the ultimate outcome depends in part on how you conduct yourself.
As you begin the divorce process, you need to understand your divorce process options and gather all your financial information. It sets up a good start for a smoother and smarter divorce process in Texas.
