No matter how long a couple is married, untangling their finances and assets in the event of divorce can be quite complicated. As a community property state, Texas laws say divorcing couples generally split their assets 50/50. Because the months and years after divorce often involve a period of financial struggle, obtaining a fair share of one’s marital assets is essential.
One step at a time
Texas can be one of the most expensive states in which to divorce. Therefore, couples considering divorce would be wise to take every possible precaution to protect their finances. With the help of an attorney, divorcing partners might take any of the following steps to untangle their money from their exes:
- Making a list of all financial accounts, identifying those that are jointly owned
- Opening an individual bank account in one’s own name
- Obtaining a credit report to identify all outstanding debt
- Applying for an individual credit card to begin building a separate credit history
- Paying off as many joint debts as possible and closing those accounts
Divorcing couples might also have the complicated task of deciding how to divide investments with minimal penalty. There is also the difficult decision of what to do with the house. Is it more financially sound for one partner to take over the mortgage and upkeep or to sell and divide the proceeds?
Don’t go it alone
Separating joint finances may be easier to handle for couples who are divorcing amicably. Others may feel more comfortable enlisting the assistance of legal and financial professionals. Having reliable legal advocacy can improve the chances that a spouse will deal appropriately with each financial element and minimize the possibility of struggle after the divorce.