Women nationwide, including in Texas, are often stereotyped as more emotional and less knowledgeable than men when it comes to family finances. Regardless of these preconceived ideas, times have changed. Today, women as well as men know how to protect their rights when it comes to divorce and property division
Under any circumstances, maintaining a confident demeanor throughout the process of pursuing a divorce is helpful. Being proactive might provide insight into potential challenges such as whether he or she will be able to be self-supporting and maintain the family home if one spouse chooses to keep it. A good place to start is usually gathering, copying and safely storing all financial information to get a clear picture of assets and liabilities.
This process should include bank accounts, retirement accounts, mortgage statements, insurance policies and 401(k)s. During this preparation process, obtaining a credit report may help to determine whether special efforts are required to improve a credit score, and this may also be the appropriate time to close joint accounts and establish individual bank accounts and credit cards. Negotiation about keeping or letting go of certain assets may prove tricky as, for instance, a house appraised at a particular amount may not be equivalent to a retirement fund with the same value.
Fortunately, individuals in Texas need not navigate a divorce on their own. The services of an experienced divorce attorney will cover all aspects of the divorce, and may include resources such as divorce mediation to help with negotiations and financial advice related to the complexities of property division. Knowing that the necessary legal support and guidance is available can allow anyone to get through a divorce with the confidence needed to move forward.
Source: The Huffington Post, “7 Financial Tips for Women Facing Divorce“, Jennifer Leighton, Dec. 1, 2015