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Money matters among the most common divorce issues

Wednesday, July 18, 2018

It is an inescapable fact that, for most people, divorce is not high on their list of life goals. However, as some Texas residents can attest, the end of a marriage and the resulting divorce issues are sometimes unavoidable. In these cases, it can be very important for both parties to have a full understanding of what will be required of them during the divorce process, particularly as those requirements pertain to ensuring the financial security of both individuals moving forward. 

Money matters are a common problem in divorce, often because individuals may not be aware of all the nuances of what must be addressed and changed once the dissolution of a marriage is finalized. For example, it is commonly suggested for couples to close joint checking and credit accounts prior to getting divorced. However, if this step is not taken, it is a good idea to deal with the closure of joint accounts quickly afterwards. This can help avoid damage to one or both individuals' credit scores. 

Additionally, beneficiary accounts should also be addressed. Commonly, spouses have life insurance policies naming one another as beneficiaries, and often they are listed the same way on wills and other important documents. To ensure the money goes to the right person should the worst occur, consulting banks, employers and other institutions involved in the upkeep of these documents can be helpful. 

Ultimately, it can be beneficial for many Texas residents seeking a divorce to reach out for support in dealing with complicated divorce issues. Thankfully, a great deal of support exists for these couples throughout the state. In the end, preparation and knowledge are the best lubricants to smooth a sometimes rocky road to a successful divorce. 

Source: Forbes, "6 Key Money Matters After You Divorce", Leslie Thompson, Jan. 8, 2015

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