Many people going through the divorce process worry about how it will impact them financially. To learn the top six ways to protect your finances during divorce proceedings, continue reading and contact our experienced The Woodlands, Texas divorce lawyer who will walk you through any questions you may have. Give our firm a call today to schedule your initial consultation.
Ways to Protect Your Finances During a Divorce
- Evaluate your financial situation: In order to properly protect your finances, you must first know how much money you have. To gain a full picture of your finances, it is important that you know the balance of your and your spouse’s 401(k)s, credit card bills, savings plans, 529 accounts, and more.
- Keep separate property in a different account than community property: If you have assets that you brought into the marriage, or if you inherit property during the marriage, don’t put those assets into the same bank of investment account where you put property earned during your marriage.
- Download and keep your bank records: Most banks only keep statements for seven years. If you are married longer than seven years, and you don’t have those earlier records, you can lose your ability to claim property that you owned before the marriage as your separate property.
- Separate your bank accounts: Separating your bank accounts from your former spouse and creating a bank account that can only be accessed by you is one of the most important steps to take when facing a divorce.
- Create an emergency fund: Create an emergency fund to boost your financial health. In the event that the majority of your assets are held only in the name of your spouse, it is crucial to have a savings account.
- Does your spouse have insurance?: Your attorney can request that your former partner be insured if they are making alimony or child support payments. This will allow their estate to supply any monies owed if they were to pass away.
- Hire a divorce attorney: Retaining the services of a knowledgeable Montgomery County divorce attorney will provide you with the legal counsel you require to move forward through your divorce while maintaining your best interests, especially when it comes to finances.
If you are facing a divorce and have any further questions regarding the protection of your finances through this legal process, do not hesitate to reach out to our legal team today.
Contact Our The Woodlands, Texas Firm
If you are looking for an expert Montgomery County divorce lawyer, Bolton Law is the right law firm for you. Bolton Law’s legal team handles all family law matters, including divorce, child custody, child support, spousal maintenance, and much more. Contact Bolton Law today to schedule your initial consultation.