Divorce has its ups and downs, financially and emotionally. But it is possible to minimize the financial blow that divorce often brings. Here are a couple of suggestions about protecting money when going through divorce proceedings in Texas.
Navigating finances during divorce
One of the best ways to protect finances in a divorce is to start by taking. Account of all assets and debts, both those accumulated during the marriage and any that were already in existence prior to the wedding. After all, they cannot protect what they do not know exists. Make note of any 529 account balances, credit cards, savings plans and 401(k) accounts – as well as all savings and checking accounts. Once that is accomplished, it’s easier to make plans to divide the assets and debts according to Texas laws.
It also makes sense to put some effort into putting aside money as a reserve fund. The idea is to have sources of money available that are used only when necessary. In this way, if financial surprises crop up during the divorce proceedings, the backup funds can be used as needed to help maintain a stable financial base.
How an attorney can help
An attorney in Texas can help a divorcing individual to pursue his or her fair share of marital assets during the property division part of divorce proceedings. The attorney can also help navigate spousal support and child support issues. The focus will be on ensuring the client’s rights and best interests are kept at the forefront of each stage of the divorce proceeding.