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Securing finances in a Texas divorce

Friday, September 22, 2017

Ending a marriage can be a financially challenging process. Quite often, the most contentious issue in a Texas divorce -- and any divorce for that matter -- is finances. Thankfully, there are many options available for both individuals to secure their personal finances and protect themselves in the event of a divorce. 

Taking stock of financial statements is a good place to start. Everything from mortgage statements and credit card bills to payroll and tax returns can be collected and catalogued. Even couples who are not seeking a divorce can benefit from this comprehensive overview of their finances, but in a divorce, it helps to clarify what is considered individual versus marital assets and debt. 

Preparing documentation like wills and determining power of attorney is also important to consider. It is possible these documents will change in the event of a divorce, and because they pertain largely to late-life planning, they are easily overlooked in the midst of a separation. However, they are very important to consider as they often determine who has control over an individual's estate if that person were to pass away suddenly. In the event of a divorce, it may not be appropriate for a former spouse to have this control, so updating these records is critical. 

There is a lot to consider when entering a Texas divorce. It can be helpful to seek out support in the form of qualified professionals who can walk both parties through the specifics of the divorce process. In the end, having a secure understanding of their rights and responsibilities during and after the negotiations can set up both parties for success. 

Source: New York Daily News, "5 easy steps to protect your money in marriage - and divorce", Pam Friedman, Feb. 4, 2016

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