Most divorces are complicated. Texas residents have lots of decisions they need to make in a short amount of time. These decisions can affect the couple for years to come. Without the right help, the divorce process can be stressful, time consuming and expensive. These challenges can multiply even further when the couple has a lot of assets. During a high asset divorce, people need to be particularly careful about protecting their assets and their financial future.
Experts say that there are several things people should do before starting their divorce in order to protect themselves from financial worries. One, experts suggest that couples set up their own bank accounts prior to the divorce in their own names — if they don’t already have such an account. This way each person will have an account ready to go when the divorce proceedings start. This will help people have access to their own money without having to worry that their spouse will remove funds from the accounts.
Another tip experts suggest gather financial records. People should make sure they have copies — in a safe location — for all important financial transactions for the last three to five years. These documents could include tax returns, credit card statements, bank account information, retirement accounts and investments. By having access to these records, people can ensure that money is not hidden during the divorce proceedings.
Finally, experts suggest that people create a list of non-martial property and family heirlooms. This way, people know what property needs to be given to whom and expensive pieces of property are accounted for. In some cases, pictures of this property may be helpful.
With the right planning, high asset divorces can be properly managed so that the process runs smoothly. Those considering a high asset divorce should understand their legal rights before, during and after the divorce.
Source: Go Banking Rates, “How to Perfectly Plan Your Divorce to Protect Your Assets,” Amanda Garcia, Jan. 8, 2014