While the end of a marriage can be a highly emotional time, divorce itself is largely a financial matter. One of the best things people seeking a divorce can do to be prepared is to begin getting their finances in order for an independent life.
During the property division phase of a divorce, the parties must list all their assets, divide marital property from any personal property and then divide the marital property according to Texas law. All this can tie up finances at a time when the divorcing spouses need money to pay for setting up new housing and taking care of all the expenses that come with a divorce. Those who have only joint bank accounts and credit cards should set up accounts in their own names in order to be able to access their money when they need it.
Those considering divorce should also gather all necessary paperwork to document their assets. It is generally easier to gather this paperwork before the parties have gone their separate ways, but there is another reason for taking this step before filing for divorce: Some spouses try to illegally conceal assets during a divorce. Having the paperwork in order before filing for divorce can help prevent these unscrupulous spouses from getting away with it.
It’s entirely understandable that people in a bad marriage would want to get it over with as soon as possible. However, divorce has to be handled with care in order to set up the parties to live independently. A Texas attorney with experience in divorce can help take care of a client’s financial interests at a time when the client may be more concerned with emotional issues.
Source: Forbes, “(Soon-to-be) Divorcing Women: What Are You Waiting For? Here’s How To Prepare To File,” Jeff Landers, June 26, 2014