A Divorce Lawyer in Conroe on Developing a Budget

texas divorce budgetGiven that a significant number of marriages fail at least in part because of financial difficulties, it is not surprising that many couples do not budget properly when divorcing. As a divorce lawyer in Conroe will tell you, however, it is extremely important to plan how money will be allocated during and after your divorce.

Your Divorce Attorney in Conroe Discusses the Purposes of Budgeting

Budgeting is always important, but perhaps never so much as during a divorce. While the higher income party may be expected to help the other in the financial terms of the divorce, ultimately both will need to become accustomed to living with less. Moreover, as a Divorce lawyer in Conroe will tell you, the parties need to come to a determination of how they are going to divide the estate, and this requires a budget.

It is actually a good idea to put together two budgets—one for during the divorce and the other for after. A divorce lawyer in Conroe can help with both, and work with the attorney for the other spouse if both parties are unable to work with each other peacefully.

One of the most important purposes of setting up a budget is that otherwise the parties to the divorce will relinquish a certain amount of autonomy when the judge sets up the financial arrangement for them.

A Divorce Lawyer in Conroe Discusses What to Include in a Budget

Among the items that should be included in the budget are all the assets and debts shared by the two parties. This is called the marital estate, as a divorce lawyer in Conroe will explain. It is important to divide the estate equitably so that neither party suffers undue hardship.

Of ultimate important in budget development will be the needs of the children. The custodial parent generally will be provided with some form of support to offset the additional cost they incur. This may not apply to couples who share custody.

Call a Divorce Attorney in Conroe for Assistance

If you need help developing a budget or need other assistance in a divorce, call a divorce lawyer in Conroe who will provide you with the highest standard of legal representation. Call Peterson Law Group today at 936-337-4681.

About Chris Peterson

Chris Peterson is an attorney and the owner and founder of Peterson Law Group, a Texas law firm with offices in Bryan/College Station and Kingwood. He mainly practices in the areas of Estate Planning and Business Planning. Chris is also a Certified Estate Planner. Besides his law practice, Chris is a serial entrepreneur and community volunteer. He is known for his cutting edge law practice that utilizes technology to deliver efficient, excellent work.