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Preparing your finances for divorce in Texas

| Jun 30, 2020 | High Asset Divorce |

Divorce can be emotionally taxing, but there are things you can do to protect your assets during these challenging times. Financial preparation is the key to making sure that you get through your high asset divorce as easily as possible and set yourself up for success in the future.

The first step is to collect bank statements, pay stubs, investment records, tax returns and other financial documentation. This documentation should relate to your financial assets, as well as debts you owe (e.g. student loans, credit card statements, medical bills). After collecting all these documents, you and your attorney should come up with a list of assets and debts. Texas is a community property state, meaning that all marital assets will be divided equitably, but that does not necessarily mean 50-50. Generally, this means that the court will decide how best to divide investments, property, and debt acquired during the marriage or with marital funds.

Now that you have decided to get a divorce, it is important that you start establishing your own finances as a single person. You will need to get an individual bank account in your name and start saving as much as possible. However, before you transfer any money to this account, it may be in your best interest to contact an attorney. You do not want the courts to think you are hiding assets during the divorce process.

Getting your finances in order is essential for divorcing couples with a large number of valuable assets. A divorce attorney in your area can help you navigate all the complexities that come with a high asset divorce.