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Handling finances after a divorce

| Feb 20, 2018 | Divorce |

Texas residents who get a divorce should be prepared for the financial issues that can arise after the divorce has been finalized. In addition to maintaining their attorney and consulting with a financial advisor, there are some other ways to make sure that their post-divorce finances do not negatively impact their livelihood.

One important action to take is to keep an eye on their credit. If there are any jointly held credit cards that are still active, they should be cancelled. Divorced individuals should focus on establishing a credit history under their own name.

It may also be necessary to make changes to one’s estate plan. If an ex-spouse is named as a beneficiary in any estate planning documents and this is no longer the desire of the other spouse, the documents should be amended as soon as possible. Beneficiary designations should also be updated for financial assets. This includes pensions, annuities, insurance policies, trusts and retirement accounts.

One of the terms of a divorce settlement may address the division of retirement plans. Professional assistance might be required if the divorce settlement agreement does not specify how the retirement funds should be allocated. Special forms, such as a qualified domestic relations order, could be necessary for some retirement accounts, including 401ks or other types of pension plans.

The family home should be handled in accordance with the terms of the divorce settlement. If the home is to be sold, it should be placed on the market. If one party is keeping the home, they should refinance the mortgage in their own name.

An attorney who practices divorce law may work to ensure that a client obtains the divorce settlement terms they desire. Litigation might be used to protect a client’s interest and rights regarding the division of financial assets.

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