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Thinking about financial matters as you contemplate divorce

| Mar 16, 2021 | Divorce |

Texas residents who are facing the prospect of divorce probably feel like it is an overwhelming time in their lives. After all, no one gets married with the expectation that the relationship will end in a divorce. However, divorce is incredibly common, in Texas and throughout the country. Although it may seem daunting, thinking about the right approach to divorce before the process begins may help.

Finances and divorce

For many people, the impact of divorce on their financial situation is the top concern as they contemplate the legal case. Some people probably fear that they will “lose everything,” or at least half of all they own. Before the financial part of the case approaches, a recent article mentioned a few tips to prepare.

For starters, gathering all relevant documentation is crucial. You need to know what, exactly, you must address in terms of assets and debts in the divorce case. Tracking these assets and debts with titles, licenses, statements, and account balances, for example, can probably give you a good idea of what will be subject to the property and debt division process in the divorce case.

As the time for the initial divorce filing approaches in your life, you may start to wonder about how joint accounts should be treated. Bank accounts, credit card accounts, mortgages, car loans – these are just some of the financial commitments married couples enter into together. As the recent article mentioned, some of these accounts can be addressed prior to the divorce filing, while others must be part of the divorce process. In the end, each person’s financial situation is unique and, as a result, the approach to your finances that is best for you will depend on the unique factors in your divorce case.