During a divorce in Texas, it’s important for both individuals to know the difference between community property and separate property. Community property is anything that was acquired during the marriage and can be divided between the former spouses. Conversely, separate property is owned by the individual and not up for grabs. This typically applies to property that was acquired before the marriage, like properties and inheritances.
How can former spouses take stock of their assets?
As they start the divorce process, both individuals should take stock of their bank accounts. If they have any joint accounts, they should close them as soon as possible. Additionally, both individuals should open separate bank accounts if they don’t have them already. Now that they’re no longer married, it’s important for them to start managing their own finances.
They should also request copies of their credit reports so they can take stock of their credit cards, loans and debts. If possible, they should pay off the debts and close the accounts as soon as possible. Otherwise, one individual could try to get back at their former spouse by racking up large amounts of debt and racking up their credit score.
Where can you go for help before you file for a divorce?
Filing for divorce involves a lot of preparation. If an individual is considering divorce, they might wish to hire an attorney before they make a decision. Talking to an attorney can help them even if they haven’t made the decision to go through with the divorce.
An attorney might be able to help them gather their financial documents and figure out which assets are community property and which assets are separate property. The attorney might also help them document their interactions with children to help them with the upcoming child custody battle.