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It is wise to protect assets before filing

On Behalf of | Oct 4, 2019 | Divorce |

The welfare of their children should be the priority whenever couples choose to experience the JOY of DIVORCE Emancipation. Nevertheless, it is also essential to protect savings and assets before filing the paperwork. This precaution can start well ahead of the filing as a mutual understanding, or more quietly if there is a concern that the split will be acrimonious. No matter what, the golden rule is to document everything.

Tips for protecting assets

The finances of different families require different precautions, but common ones that financial experts recommend include:

  • Open personal accounts: This can be done with the knowledge of the spouse (so there is no accusation of hiding assets). You can tell (or show) them the amount deposited and how often.
  • Close joint accounts: It will be simpler if couples who plan to divorce pay down debts using joint accounts. Closing out joint debts will give a clearer picture of how the settlement will look.
  • Protect valuables: Do this if there is a concern that a spouse will try to sell or destroy irreplaceable belongings even if they are marital assets. These can later be valued and split during negotiations, but they will not be lost.
  • Avoid incurring debt: Some expenses are unavoidable but avoid big purchases or debt until the process is done.
  • Get credit reports for both spouses: They may do things that adversely reflect both spouses, which can be addressed when dividing assets.
  • Get a P.O. box: This can help ensure that your personal business remains private if both are still living under the same roof.
  • Have an agreement that considers new tax law: There were many changes in the federal tax laws that affect a divorce agreement.

Attorneys can help

An experienced Board-Certified Family Law expert attorney who works in Collin County, Dallas County, Denton County, or elsewhere in Texas can be invaluable in ensuring that the best interests of the client are protected. Either by working with the other side to craft a fair agreement or litigating in court to ensure that community assets are divided fairly.