Preparing for life after divorce can be a difficult and emotional task for many people in Texas who are reaching the end of their marriages. While the practical and personal consequences can be significant, some of the most difficult issues in almost any divorce center around the separation of finances. However, there are some actions that people can take to protect their assets and work towards a hopeful financial future after the divorce is final.
Many couples have relied on joint accounts for most of their banking for many years. For individuals who are getting divorced, opening separate bank accounts can be an important action. By doing so, people can start preparing for their individual financial futures. Another concern can be joint credit accounts from credit cards to lines of credit. In general, divorcing couples should aim to pay down their debts or move specific accounts into one person’s name only. In addition, all joint accounts should be closed for future use. All marital debts will be split during the divorce, but it can be important to avoid accruing additional debt at that time.
Careful record keeping is also recommended when going through the divorce process. Having extensive records of investment accounts, 401(k)s and other retirement funds can be critical in helping a person’s lawyer reach a full understanding of the marital estate. By keeping photographs of valuables, bank statements and other documents, a divorcing spouse can establish the property that needs to be divided.
For many divorcing people, opening a post office box can also be an important preparatory step that creates a space for private communication, including with their attorneys. A family law lawyer can provide representation and skilled advice throughout the divorce and work to achieve his or her client’s goals for a fair settlement, including asset division, child custody and spousal support.