Financial planning before filing for divorce

When Texas residents are planning to get a divorce, it is smart for them to first take steps to protect themselves financially. There are several important things people should do prior to filing.

One of the first things they should do is make certain they understand all of the assets held by both themselves and their spouse. They should collect the most recent account statements and copies of titles for all of the assets that are owned and make photocopies of them. Sitting down and figuring out what they brought into the marriage and what their spouse did can help them in figuring out what property will be considered separate.

A wise move is to open new accounts and close ones that are jointly held. Likewise, people should change all of their online passwords before filing. Meeting with a financial adviser is a good idea. Doing so can help them understand how the divorce may financially impact them so they can make good decisions for their future. If children are involved, parents may want to think about the type of child custody arrangement they would like, making certain that the choice they make is what is in their child's best interests instead of their own.

By planning carefully before filing, people may enjoy the benefit of a smoother process. It can be difficult to disentangle finances and to get needed financial documents from the other spouse after the proceedings have been instituted. By getting photocopies in advance and understanding the full financial picture, a person may have a better idea of what the division of assets in their case may look like. A lawyer can advise a client on the potential tax liabilities that may arise under different scenarios and negotiate an agreement.

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