One of the most common mistakes that Texas couples make while finalizing a divorce is letting one spouse exclusively handle all the finances. Even if the spouses trust each other with financial matters, it is important to double-check and make sure that all the financial matters have been handled properly. By having each spouse take a role in these decisions, the divorce can turn out to be much easier to handle.
For example, one common mistake in divorce is letting the other spouse close all the joint accounts in the various financial institutions. In too many situations, sometimes spouses who were in control of the money would transfer the funds to a private account, thus taking away mutual finances. Other spouses, on the other hand, might have forgotten to close the accounts, leaving them open indefinitely. If there are any payments due on these accounts, the spouse may have an unpleasant surprise when creditors come to call.Instead, during the divorce, each spouse should take an active role in financial planning. Not only will the spouses be able to check and double-check each other’s work, but they will also be able to get a better sense of how much it financially takes for them to live on their own. This will give them a more realistic idea of what they need to have in order to live independently, as well as give them a better understanding of how to handle their finances.
There are a lot of difficulties that come with divorce, and it is understandable that Texas spouses who don’t already have a firm grasp on finances may be reluctant to learn this at such a late time. However, by doing so, the benefits will outweigh any disadvantages. Plus, this can give divorcing spouses the confidence they need to start their independent lives.
Source: The Telegraph, “Ways to avoid financial ruin in a divorce,” Sherri Goss, Aug. 1, 2012