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Good preparation may help dealing with divorce issues

Wednesday, July 18, 2018

Some people in Texas take months or years planning a wedding. They may spend a similar amount of time planning a vacation or a move to a new home. Planning a divorce may not be something they ever imagined themselves doing. Nevertheless, the most common divorce issues often involve finances, and planning is always helpful when it comes to money.

Assets that were acquired during the marriage are usually considered joint property and will be divided fairly or evenly between the two spouses. If the two have combined their assets throughout the marriage, they may want to take some time to separate them, including gathering any documentation to show individual ownership. This would include items like inherited assets, personal injury awards, private gifts or any property one or the other owned prior to the marriage.

Another step in financial planning is to freeze or close any joint accounts to prevent either spouse from misusing it. Each spouse should open separate bank accounts and begin to build his or her own credit rating apart from the other. It may be important for one spouse to review and research any accounts or investments to be sure his or her ex is not hiding any assets that would be considered fair game during property division.

The preparation before a divorce can be complicated and emotional. Having a lawyer to help will ensure that those emotions do not cloud the decision making that can impact the rest of one's life. In Texas, divorce issues may seem frustrating, but with a dedicated advocate and some careful planning, a person can come through stronger and well prepared for the future.

Source: wtop.com, "Top six tips to avoid divorce mistakes", Shoun Bach, Dec. 16, 2016

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