Getting a divorce in Texas can be expensive and complicated, so it’s essential to protect your finances when facing these circumstances. However, this is not easy to do on your own. Fortunately, our lawyers at Moffett Law Firm are here to help you understand how your divorce could affect your finances and the steps to take to fight for the outcome you deserve. We have over 30 years of combined experience working on divorce cases, so we understand how to handle the process smoothly.
It’s challenging to know how much a divorce will cost or how long the process will take, so taking action to protect your financial future is essential. With our client-first approach, we work with you to develop a plan tailored to your needs, giving you the best chance of a positive result. Our lawyers handle all aspects of your case and provide open, transparent communication, so you can understand your legal options.
How to Protect Your Finances During Your Texas Divorce
During a divorce, emotions, and tensions can run high, making it challenging to resolve disputes. We can negotiate on your behalf and help you protect your money in the following ways:
Hire a Lawyer
Attempting to handle your divorce on your own can be daunting, and you risk making errors that could lead to significant financial losses. Our knowledgeable lawyers always have your best interest in mind and understand the strategies needed to protect your assets. We can also speak on your behalf in and out of court to avoid mistakes and give you the best chance of achieving your desired outcome.
Know What You Have
One of the first steps in protecting your finances is knowing what you have. We can help you gather and organize information on all your accounts, including checking, savings, 401(k), credit card bills and debts, and other accounts you and your spouse shared or kept separate. This way, you will know how these assets may be divided and what you may receive after the divorce.
Differentiate Between Community and Separate Property
In general, assets you owned before marriage, inherited during your marriage, were gifted to you, or gained as part of a personal injury settlement are considered separate property and are not divided during a divorce. However, property in Texas can also be characterized as quasi-community or mixed character, depending on how and when it was acquired. The family law attorneys at Moffett Law Firm can help you determine which assets you are entitled to as separate assets and how your other assets are likely to be divided. Remember, just because your spouse says something is a community asset or a separate asset does not make it true. Jed and Courtney will fight to secure the assets you are legally entitled to.
Keep Track of Bank Records
Bank statements can offer proof of your finances before marriage, so keeping your bank records is essential for protecting your money during a divorce. Our attentive lawyers can help you keep these documents organized and safe throughout the process.
If your former spouse is making spousal maintenance, or child support payments, requesting that your former spouse carry an insurance policy to cover these debts is a great way to ensure the payment of these financial obligations upon the death of your former spouse while these debts are still owed. If your former spouse passes away while these debts are still due and payable, this insurance policy requires their estate to pay off these obligations. We can help you make this request and ensure provisions to enforce these requirements are included in the final decree of divorce to protect you in the future.
Liquidity is the ease with which an asset can be converted into cash. Assets like checking and savings accounts are highly liquid because cash can be taken out of them easily. On the other hand, assets like antique cars or diamond jewelry are less liquid due to the longer amount of time it would take to sell them and receive their cash value. When getting a divorce, it’s important to consider which liquid and non-liquid assets you and your former spouse receive. If you have a higher income, non-liquid assets may not be a major concern, but if you earn a lower income than your soon-to-be former spouse, non-liquid assets can make it more challenging for you to pay your bills. Our lawyers can help you understand the liquidity of your assets and protect your financial future.
Consult a Qualified Lawyer at Moffett Law Firm About Your Texas Divorce
When getting divorced, you may want to get the process over with quickly, but this could result in your rights and other details getting overlooked. With the help of our aggressive lawyers at Moffett Law Firm, you can focus on your work and other aspects of your life while we manage your entire case, including keeping your finances safe.
We have decades of experience working on all types of divorce cases. Our team also has advanced negotiation and litigation skills to help resolve disputes while fighting for your goals. No matter the scale or scope of your divorce, our attorneys are prepared to listen to your story and protect your financial future. Call us at (713) 333-5800 or complete our contact form to schedule a consultation today.