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Financial steps important to take once one decides to divorce

While the process of dissolving a marriage in Texas is emotionally devastating, it can be financially devastating as well. This is true no matter what the level of one's income level. A few steps are important to take once the decision to divorce has been made. 

First, it is critical to list and verify all assets. Assets that need to be inventoried include insurance policies, 401(k)s, pensions and real estate holdings. The process includes cataloging assets and then confirming how much money is in each account. It may also be beneficial to check one's credit report to ensure that no new accounts have been opened by the spouse.

It also makes sense to get in touch with advisers, banks and brokerages. They should be notified of the divorce, and a request can be made to require joint written approval from both spouses in the event that either individual wants to remove funds. This prevents one person from being able to withdraw assets unilaterally before the divorce has been finalized.

Although the divorce process in Texas can be challenging, greater control may be possible by choosing to handle the matters by direct negotiation or mediation, as opposed to formal litigation. These alternatives may lead to a mutually beneficial settlement without unnecessary stress and rancor. However, if the parties cannot find common ground, a judge will have to make important decisions regarding asset distribution and other unresolved issues. In those circumstances, the outcome may not be personally favorable to one or both of the parties.

Source: time.com, "5 Money Steps Huma Abedin Needs to Take Right Now", Martha C. White, Aug. 30, 2016

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Jamie Graham & Associates, PLLC
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San Antonio, TX 78205

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