For some couples in Houston, a divorce process is initiated rather abruptly. For others, the end of a marriage has been considered and even planned before formal action is taken. The divorce process includes a complex mix of emotional, financial, legal and logistical matters. Even an uncontested divorce can require agreements concerning alimony, child support, parenting time and more.
For those people who have an idea that divorce may be looming, a recent article in the media published a list of things that can be done in preparation of the many divorce legal issues to be faced. One such recommendation is to obtain a current credit report rating. Doing this can help avoid surprises later on and make sure that a person knows his or her existing financial status before making big decisions that may affect it further. Also of importance is gaining an understanding of how one’s taxes may be affected by a divorce.
Opening bank accounts or other financial accounts in one name rather than in both parties’ names may also pave the way to a non-married financial life. Making sure that pertinent financial documentation is available will be necessary. This may include retirement account information, bank account information and data regarding any other assets or monetary liabilities. The author also indicates that in today’s world, a financial planner with experience in divorce cases along with a therapist and an attorney may be helpful to divorcing individuals.
In addition to working with a lawyer during your divorce, talking with an attorney before a divorce is initiated may be helpful for you. A consultation could be able to give you some ways to protect yourself before, during and after a divorce.
Source: Forbes, “Six Steps To Financial Spring Cleaning For Divorce,” Jeff Landers, April 1, 2014