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Financial protection during divorce

Texas couples who are thinking about ending their marriages should consider the resulting financial implications. The legal aspects of divorce may be costly, and the expenses of setting up a new household as well as child or spousal support payments can be high as well. The first step that people in this situation may want to take is to gather up as much documentation as possible about their financial situation. This should include passwords for online accounts as well as account numbers. They should photocopy any documents and take photographs of possessions in the house.

Each person should get an attorney, but it should not be one who attacks the other party. Vicious attacks tend to lead to lengthy and expensive court proceedings. It is important to get what is necessary for financial security and avoid rushing through the divorce. On the other hand, they should also decide what they are willing to compromise on because it is unlikely that either party will get everything they want.

People should talk to their attorneys about how they should begin handling finances. It is also important for people to reign in their emotions and take a businesslike approach to the divorce. Friends and family members who have also gone through the process may offer helpful insight.

A high-asset divorce may be particularly contentious, as Texas is a community property state. Courts will in many cases divide all marital assets and obligations equally between the two parties unless an agreement to the contrary can be negotiated by the parties, and this is often accomplished with the assistance of their respective attorneys.

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