PROTECTING ASSETS IN THE DIVORCE PROCESS

On behalf of The Law Offices of Mary Ann Beaty, PC posted in Divorce on Thursday, April 3, 2014.

When a couple has reached a tipping point, there are various factors and steps the couple must go through in order to dissolve their union properly. Divorcing couples in Texas might feel overwhelmed by the emotional turmoil, disputes and complexity of the process. This could cause some individuals to overlook important marital assets. Taking the time to evaluate their situation, understand the steps and work towards a goal could help protect the parties involved.

Emotions and finance are two factors that cam significantly impact the divorce process. This could create additional struggles and hardships in dissolution because it causes some spouses to avoid some situations. In order to ensure they do not encounter financial surprises or overlook important steps, spouses should try to separate themselves form the situation.

This often means looking towards the future and establishing a separate life. In turn, this will also help them protect their finances and interests in the divorce process. When a divorce is initiated, each spouse should establish his or her own bank accounts and credit cards. This will prevent additional or continued marital finances from existing.

If the matter is complex, it might be beneficial to obtain financial information form a professional. Financial planning not only assists them during the divorce process but will also help them plan for the future. In turn, this could help sort out pending issues about alimony or child support.

No matte the situation, it is crucial that a divorcing couple to have a realistic big-picture view of their finances and future needs. This will not only ease the troubles associated with property division, but could prevent current and future disputes about marital assets or divorce issues. Understanding the process is crucial and it could help them devise an appropriate plan for their divorce.

Source: ABC News, “How to Protect Your Finances in a Divorce,” AJ Smith, Mar. 31, 2014

2017-07-17T17:40:55+00:00 April 3rd, 2014|Divorce|