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Forgotten steps to take during a high-asset divorce

Forgotten steps to take during a high-asset divorce

On Behalf of | Jan 19, 2021 | Divorce |

Although divorce is sometimes the last option for troubled marriages, some Texas couples quit so fast that they forget some small financial details. Country club memberships, streaming accounts and gym memberships are vital details that you wouldn’t want to forget.

Update your will

Before you start the divorce process, you need to update your will. A will identifies who will benefit from your assets once you pass on, so updating your will ensures that the right people benefit from your assets. The divorce could take months or years. Thus, if something tragic happens during the divorce process, you want to ensure that your ex-spouse won’t benefit from your assets.

Be financially prepared

When you start considering a divorce, ensure you have some money set aside for the whole process. The legal fees can be high. You can also decide to plan for any emergencies. Consulting a qualified analyst is essential in analyzing your finances and being prepared.

Your mortgage

The court may decide to grant you the house, which might be a win. However, you should consider that you were paying the mortgage as a couple. Now that the house is yours, you need to make all the mortgage payments alone in addition to upkeep expenses. Since your expenses will increase, you need to consider how to readjust your finances.

Credit card report

When going through a high-asset divorce, consider getting your credit report. The credit report will help you identify any joint accounts that you may have with your ex-spouse. If there are no joint accounts, your ex-spouse might have some access to your credit card. Thus, you need to take care of this.

Are you going through a divorce and worry about managing all the details? You may want to contact an attorney for further guidance.