Assets

Protecting Yourself & Your Assets During Your Divorce

Divorce is a trying, uncertain time to be sure. You really won’t know what is right around the corner but that doesn’t mean you can’t have a good idea. With some preparation and a few good hints kept in the back of your mind, you can take smart steps to protect your best interests and future – something that your spouse will not be doing.

Useful bits of advice to follow when going through a divorce include:

  1. Asset evaluation: Get a complete idea of your assets, finances, and debts as soon as possible. When it comes to property division, you will be thankful you won’t have to crunch the numbers in a hurry, especially if that means taking less of the marital debt than your ex-spouse.
  2. Future finances: Take matters a step further and start thinking about how your financial situation is going to be once the divorce finalizes. Work out a budget based on your own monthly income, intentionally assuming you will receive little to no spousal support, and see how that looks.
  3. Go it alone: You should also close shared lines of credit when possible and get your own credit line. The sooner you do, the sooner your personal credit score can improve. If you have any joint accounts – credit or otherwise – these should also be closed down. You really do not want your ex-spouse having the ability to get their hands on your future financial information, even if your divorce seems to end amicably.
  4. Stay or go: Who gets the family home is a huge decision during a divorce. Make it easier on yourself by starting to think about it now. Do you really need to stay in the home? If not, you can opt to leave and perhaps get more community property in exchange. Are you planning on fighting for primary child custody rights? In that case, you might want to dig in your heels over the household.
  5. Behave well: Speaking of child custody, if you want to play a major part in your children’s lives, you need to show the court that you are completely ready for the solo parenting life. Avoid wild parties, late nights out, or reckless behavior that could reflect poorly on your accountability. The spotlight’s on you – act and be your best for your kids’ sakes.

Getting an Attorney’s Help

Divorce is a personal issue that almost-literally hits close to home, but it is also a legal process. There are laws and statutes that could get in your way when you are trying to pursue the future you have envisioned for yourself after divorce. Our last bit of advice to anyone going through a divorce is don’t be afraid to ask a professional lawyer for counsel.

Flower Mound Divorce Attorney Phillip M. Herr and our entire legal team is here to help you through tough times. Backed by more than 15 years of family law experience, we have the know-how and compassion to be your guide and advocate, whether you want to settle things out of court or need to prepare for litigation. Contact us today and get more details about our service.

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