If you believe you will be involved in a contested divorce:

1. Save or obtain access to money.

Almost all attorneys will require a retainer fee. The amount will depend on the issues involved in your situation. Your spouse may also stop contributing to you and the household expenses. You need to save enough money for a retainer fee and at least
3 weeks living expenses. You should have a separate bank account in your name. If possible, you should have separate credit.

2. Consult an attorney and consider talking to a counselor BEFORE you talk to your spouse about separation.

Divorce is a financial decision as well as an emotional one. Make sure you are ready in both areas.

3. Consider talking to a financial planner

There are several in the Dallas area who focus on divorce planning. At a minimum, prepare a budget of your household expenses - a) present; b) what they would likely be if you left your current home. If you don’t think you will stay in your current home, find out apartment prices. Don’t forget to list and prorate quarterly, semi-annual, and annual expenses.

4. Copy Documents (examples below)

• 3-5 years tax returns, including schedules (individual & business)
• bank and other financial institution statements
• financial statements
• retirement account statements
• stock option information
• employee benefit information
• deed to any real property you or your spouse has an interest in
• deed of trust
• mortgage balances on those properties
• tax appraisal district statements
• titles to motor vehicles
• insurance information (home, auto, life, health)
• notes receivable
• notes payable
• Credit account statements (most current)
• information on any other debts
• information on any other assets

5. Consider doing the following:

• Order your credit reports
• Order your FICO score
• Inventory your house, garage, storage units, and safety deposit boxes. Take pictures of antiques, silver, china, guns, collections, etc. Keep this information at a location not accessible to your spouse.
• If you haven’t been in the workforce for awhile, get with a career counselor (local colleges offer this service)