Our Austin divorce attorneys can explain that dissolving a marriage involves many steps in separating the financial aspects of two people’s lives from each other. They may offer a checklist of how spouses should complete this process.
Austin divorce attorneys may recommend that their client open up a separate checking account. This step often does not require much money. This step can help create financial autonomy. Complete the same process for credit cards so that you can establish your own credit.
Spouses usually agree to close joint accounts, such as checking or savings accounts and split the proceeds. Additionally, spouses should close credit card accounts. If there are existing debts on the credit cards, these may be able to be transferred to new, individual cards.
If the spouses cannot agree on closing the accounts and splitting proceeds, the funds in the accounts may need to be frozen. Likewise, a court order should be sought that states that neither spouse should be permitted to take out loans or other debt in joint names. Likewise, notify credit card companies to freeze these accounts. Investment accounts should also be frozen and cash should not be withdrawn from these accounts.
In many divorce cases, accounts are frozen while the divorce is pending. If this situation arises, it is important that spouses have some liquid funds available to cover living expenses.
Spouses should closely monitor their credit during the divorce process in order to ensure that no additional debt is being incurred on their behalf by a bitter spouse.
Spouses should provide statements regarding their various financial accounts to their Austin divorce attorneys.
Austin divorce attorneys from Nunis & Associates can be contacted at (512) 236-9696 for more information on this subject.