Jamie Graham & Associates, PLLC

Many financial steps involved in divorce

Marital dissolution, understandably, is not an easy process. Even when a divorce seems amicable in Texas, leaving a joint life behind to live separately has its challenges. Many areas must be addressed to make sure that two people are completely separated in their debts, future income and property.

An important first task following divorce is to open a bank account in one's name only and to close a joint account. Likewise, existing savings accounts and certificates of deposit must be changed to reflect who the actual owners are. Closing joint credit card accounts before opening new ones is also important following divorce.

Examining investment accounts is paramount as well after dissolving a marriage. This involves determining which spouse has the authority to close an investment account, take money out of it or alter the investment goals associated with the account. After a divorce has been finalized, the resulting divorce decree needs to go to the investment company so that it can ensure that the investment account is structured properly. It is also important to change life insurance and retirement accounts' beneficiaries to ensure that these assets end up in the intended hands in the event of one's sudden passing.

Getting a divorce is a detail-oriented process that involves many steps, some of which can be relatively complicated. Overlooking any essential steps in Texas can have a negative impact on one's finances in either the short run or the long run. However, an attorney can walk one through this type of family law proceeding from beginning to end and help one to assertively fight for one's fair share of assets and property.

Source: theadvertiser.com, "Your post-divorce financial checklist", Mary Fox Luquette, Jan. 26, 2017

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At Jamie Graham & Associates, PLLC, we have received a variety of honors and awards for our family law services. Members of our team have been listed as Top Lawyers in San Antonio Scene magazine. We take pride in the number of positive reviews we have received from satisfied clients. On AVVO, a lawyer rating website, we have received an 8.9 rating overall and many positive ratings from clients and colleagues.

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Jamie Graham & Associates, PLLC
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San Antonio, TX 78205

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