People going through a divorce where a lot is at stake financially are likely thinking about one thing in that respect — protecting their assets. There are many issues surrounding a complex divorce, but the primary contentious one seems to be finances. There are a few things Texas residents who are in the throes of divorce might consider doing to keep from losing most of their assets.
Firstly, ascertaining what belongs to whom might be a good place to begin. If it comes down to it, a judge will want to see what assets are in which person’s name and that includes bank accounts, mortgages, investments and other things like retirement and life insurance plans. Getting a copy of all financial statements is also definitely on the to do list. To safeguard some cash from a possible petty spouse, if a joint bank account exists, one spouse can set up an account in his or her own name and transfer some funds into that new account from the joint account.
Hiring a financial adviser might actually save money in the long run, especially if one spouse is more financially savvy than the other. Making a list of financial wants and needs may also be wise. That may actually take on the tone of what is not wanted or needed. In any case, having some kind of financial road map might be a good idea.
Knowing the divorce laws in Texas is most likely the best way of handling a complex divorce. An attorney may be able to provide insight to how state laws pertain to complicated marital break ups. In these types of situations, the more legal knowledge one has, the less likely costly mistakes might be made.