Divorce: How to Deal with Liquid Funds & Savings

Ending your marriage is not all about the emotional stress that you will have to contend with and the partnership that you have to sever. One of the major aspects of a divorce is how to handle the finances and divide them amongst the parties. Two major components of your finances that your College Station, Texas divorce attorney will help you with are your savings account and liquid funds.

Savings Account

Any good divorce attorney in College Station, Texas will advise you to immediately freeze all of your joint investment accounts to prevent cash withdrawals or loans from being taken against the cash. Additionally, if your spouse has a retirement account, it is imperative for you to obtain all current statements and copies of the plan description.

Liquid Funds

With respect to your liquid funds, divorce attorneys advise their client to do the following:

–          Open a separate checking account in your name only, as this is crucial to your financial well-being.

–          Make sure you keep some cash on hand, since divorce proceedings can prevent you from having immediate access to your bank accounts and/or credit cards that are under both spouses’ names.

–          Attempt to come to a resolution as to the best way in handling your joint bank accounts. Usually the best resolution is to simply close the joint accounts and split the assets.

–          Close all credit cards that are in both of your names, and attempt to either transfer balances to your individual credit cards or pay off the debts. Acquire a copy of your credit report to verify that your former spouse is not charging debt in your name with a forgotten account.

Contact Us

If divorce is the only choice left in your marriage, you should hire a divorce attorney to help you deal with the financial issues that are imperative in every divorce. To schedule a complimentary consultation with a College Station, Texas divorce attorney, contact the Peterson Law Group at (979) 703-7014 or through our online contact form.

About Chris Peterson

Chris Peterson is an attorney and the owner and founder of Peterson Law Group, a Texas law firm with offices in Bryan/College Station and Kingwood. He mainly practices in the areas of Estate Planning and Business Planning. Chris is also a Certified Estate Planner. Besides his law practice, Chris is a serial entrepreneur and community volunteer. He is known for his cutting edge law practice that utilizes technology to deliver efficient, excellent work.