Things To Do As You File For A Divorce: Financial Perspective
In spite of the fact that your divorce attorney will be carrying the majority (if not all) of the legal specifics of the case, there are things you can and should do for a higher possibility of a favourable outcome. As you file for divorce, try to observe these expert-recommended tips.
Divorce Filing: What You Should Do
- Joint-Financial Accounts Inspection And Evaluation
By now, you should be familiar with what “marital property” and “separate property” connotes. At this moment, what you are to draw your attention to is the first. Marital and/or conjugal financial accounts and property.
What you can accomplish is to check your joint accounts for each one of your financial assets and investments, and transfer equitable amounts to said new accounts. If you don’t, you will risk receiving an equitable share, even if in reality, you have more to stake your claim upon.
“Equitable” here generally means 50% or half of the total. It will also be your safeguard against being left with nothing (financially) in the unfortunate event that your ex-spouse decides to empty all of your joint accounts altogether.
- Joint-Credit Accounts Inspection And Closing
This differs from the above in that this is mainly about joint credit. Pay of credit and/or loans that are signed jointly by you and your ex-spouse. Pay off and close each one before the proceedings of the case take place. Be sure to have these documented— that said credit and loan/debt accounts have been duly and fully paid for.
Another approach towards this is to have said credit accounts frozen. Several financial institutions have varying programs available to clients. You can ask yours regarding this. If not, as most simply are focused on receiving timely payments, settle them wholly.
- Inform Creditors And Or Banks That You And You Are Going Through A Divorce
Going through a divorce is a matter you are to inform your creditors and banks about. They are not to be told the details (as they are not obliged to empathize). Notwithstanding, you must notify them of the fact and present proof that you are indeed about to file for a case.
It will greatly be of help to you in that unpaid credits and/or loads and will point you back to number 2.
- Credit (Sole And In Your Name)
If you have time left to set up credit that is yours alone and is under your name before the divorce proceedings commence, do so. It is paramount that you start rebuilding your financial independence now, more than ever.
Once you have closed your joint accounts, grab hold of the reins of your own. This is not exactly a direct step that affects the case. Yet it is a start you absolutely have to kick off with urgency before financial aspects of the case are scrutinized. And these reviews frequently take a long period of time.
- Know The Different Types Of “Divorce”
Your divorce attorney in fort bend county will explain this to you in detail. Still, practice a bit of due diligence and learn about what they are beforehand. This will get you to keep your perspective focused on what is objective, and legally bound.
The most common types are “at-fault” divorce and “no-fault” divorce. In a brief description, a “no-fault” divorce is deemed as such due to “irreconcilable differences”. In contrast, an at-fault divorce is one where a spouse files for it because of one or more reasons which are negatively impacting the marriage itself, your children, your family, etc.