When couples in Texas decide to divorce, disentangling marital finances can be complicated. In fact, for many divorcing couples, the financial aspects of the end of a marriage can far outweigh the personal or emotional consequences. In addition, when considering the future after divorce, it can be particularly important to prepare for a healthy financial life, especially for couples who choose to separate later than life and have fewer opportunities to rebuild their assets. When people are planning for divorce, it can be important to take steps to protect one’s financial health.
The financial aspects of a divorce can be challenging whether a couple only has basic assets and accounts or whether a couple is dealing with a high-asset divorce involving complex investments and banking relationships. One of the first steps toward financial independence a divorcing person can take is to open their own bank accounts, which can help both partners to begin to develop a plan for financial autonomy. In addition, joint credit accounts should be handled when a couple plans to divorce. It is important that these accounts are closed so that neither partner can add extra debt to the marital accounts.
For many people, keeping extensive records can also be important in protecting one’s assets in a divorce. Detailed records of retirement accounts, 401(k)s and investment accounts and properties can create a clear paper trail that documents the size of the marital property that needs to be divided.
Dealing with the financial aspects of a divorce can require savvy decision-making as well as reasonable advice. A family law attorney can provide representation and guidance to people going through a divorce, including how to handle financial matters and advocate for a fair settlement in the divorce.