Every Day Firm For Every Day People

How to manage finances during a separation

On Behalf of | Aug 18, 2021 | Divorce |

If you decide to separate from your spouse, it’s generally a good idea to separate your finances as well. This means closing joint accounts, establishing at least one credit card in your name and taking other steps to become financially independent. A Texas judge may issue a temporary spousal or child support order to make it easier to live on your own.

Review your budget

There is a good chance that your financial needs will change after leaving your spouse. For example, you may need to make a rental or mortgage payment by yourself. It may also be necessary to buy a car, acquire health insurance and take care of other expenses without the help of your former partner. You’ll likely need to account for the cost of clothes, groceries and other essential items that your former partner may have helped pay for in the past.

When did the separation become official?

Although a separation is merely a precursor to divorce, it may have an impact on the status of any items that you own. Typically, items that are acquired after the date of separation are not subject to property division rules. However, items that were acquired before this date are likely subject to division. It’s possible that the separation is official the day that you ask your partner to move out. However, there is also a chance that the separation won’t become official until you’re living separately from this person.

A divorce is one of the most difficult events that you can experience in your adult life. However, with proper planning, it may be possible to get through it with a minimal amount of long-term financial and emotional damage.