There are certain basic rules of money preservation that Texas family law attorneys recommend their clients adopt prior to a divorce filing. One of the first things is to open a bank account in one’s name alone. This is to be done transparently by giving one’s spouse an accounting of the money put into the new account and how much will be deposited in the future and during the divorce proceedings.
Some experts recommend that a person not file for divorce until he or she has enough money to pay legal fees and living expenses for the next three months. In the case of a stay-at-home mom the funds that the breadwinner brings home is considered to be owned also by the mom, and she can properly seize a portion of that money. In addition, she doesn’t want to be accused of hiding or confiscating money, and that will be taken care of by making full disclosure to the other spouse.
Next, all joint credit accounts should be closed. If any of the accounts can be paid off and eliminated it will be one less problem to contend with later when the accounts will have to be negotiated to one or the other spouse or paid in full. Regarding any funds in joint accounts, it’s permissible to take out one-half of the money. Taking out the full amount may result in an order to return half of it.
It is recommended that a spouse take possession of certain personal valuables under certain circumstances, such as where the other spouse is abusive and may try to destroy or damage the items. The spouse’s possession of the item must then be revealed in disclosure forms filed with the Texas family law court during the divorce proceedings. One should not run up charges on credit accounts or take out extra credit during the pre-divorce or later stages of the process. One should get information on all assets and value them early on so that the other spouse does not take advantage of the situation.
Source: goodmenproject.com, “11 Tips For Protecting Your Money During Divorce“, March 23, 2018