The Law Office of Zoe Meigs, P.C.
Dedicated To Your Goals & Future

Finances should be in order before a divorce

Texas readers who are considering divorce may wish to organize their financial lives before making any other moves. Years of shared finances may create some surprises as the divorce process begins, so it may be in the best interests of both parties to carefully organize before formally initiating the proceedings.

If the situation appears to be a contentious one, it may be wise to collect and copy all relevant financial documents, and leave them with a trusted person or keep them in a safety deposit box. This simple act can save a great deal of time and unpleasantness if things later become difficult. Credit ratings are another issue to check on before filing for divorce. Years of shared credit can make it difficult for a stay-at-home parent or lower wage earner to function independently.

Being able to function independently also brings up the issue of separate credit card and bank accounts. It's fairly easy to set up separate savings and checking accounts, but credit cards can be a bit trickier if one of the spouses relies heavily on shared household income for the majority of his or her support. Therefore, it is generally best to apply for separate accounts well ahead of the divorce.

Divorce often isn't just a couple going their separate ways. There are often complicated financial issues to consider that require carefully created solutions that are fair to both parties in the case. It is usually wise to consider the entire financial picture and avoid allowing emotions to cloud judgment. Generally, making decisions based on financial realities serves everyone better in the long run and allows for both parties to receive the opportunity for productive and a fair fresh start.

Source: Forbes, "Six Steps To Financial Spring Cleaning For Divorce", Jeff Landers, April 01, 2014

No Comments

Leave a comment
Comment Information

Hear what my Clients say

"Ms. Meigs makes thoughtful recommendations based on research. She is also compassionate and has a real desire to help you through a difficult situation."

Email Us For A Response

Contact Me

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

603 E. Belknap St. #102 Fort Worth, TX 76102 Toll Free: 800-483-9142 Phone: 817-381-9905 Fax: 817-336-4448 Map & Directions