It can be an uncomfortable and devastating realization to find out your marriage is coming to an end. While the emotional aspect of a divorce can be hard to accept on its own, your divorce is likely going to cost you a great deal of money and a lot of personal effort that you might not be prepared to lose. Once you are served the papers or you serve your spouse the papers, your life could become exceedingly complex. A Texas divorce lawyer can help protect your finances.
The Importance of Protecting Your Finances
When you start pursuing a divorce, it’s understandable to want to keep your financial security from completely falling apart. You may see divorce as a signature on a paper and an end to any further contact with your former spouse, but it’s much more than that. In a divorce, you are systematically removing your spouse from every part of your life, including your joint finances. You have to work out asset division, spousal support, and child custody arrangements as well.
When you think about all the financial elements of a divorce, the mental strain can be exhausting. A divorce can be just as damaging to your finances as it is to your emotions. As you go through the process, the expense can be overwhelming, especially if your divorce is contested. It might even grow to be too much for you. It is important that you make the effort to protect your finances, and this starts with separating your joint finances.
Depending on how long you were married and whether you had a premarital agreement in place, separating your joint finances can seem like an impossible task. You should reach out to an experienced divorce lawyer who can help you work out the most realistic and effective way to separate your finances. If your divorce is uncontested, you are much more likely to have an easy time figuring things out, since your spouse is willing to compromise.
According to statistics from the CDC, Texas does not have a particularly high divorce rate, especially when compared to the national divorce rate. The rate of divorce in Texas as of 2022 was 1.9 per 1,000 residents. Despite a low divorce rate, divorce is not a rare occurrence in Texas. If you are struggling with your own divorce, you may want to reach out to a local divorce support group for assistance, such as DivorceCare or Connections Child & Family Center.
Ways to Protect Your Finances in a Divorce
Thankfully, there are many different ways you can actively protect your financial security during your divorce. If your divorce is contested, your spouse may be willing to drag things out for years simply to drain you of your resources and leave you with nothing out of spite. A good lawyer can help prevent you from being taken advantage of and may be able to offer some viable solutions for you. Here are some different ways you can keep your finances protected:
- Prenuptial Agreements: Arguably, the most effective way to protect your finances is through the use of a prenuptial agreement, or prenup. Having a prenup in place can stop your spouse from claiming your assets and can guarantee protection in the event of a divorce, especially if your spouse violates part of the agreement, such as an infidelity clause.The biggest problem with a prenup is that you would need your partner to sign it before marriage, and that may be easier said than done. Many potential spouses may view a prenup as a sign of mistrust or an omen of divorce. They may be blatantly insulted. Some people use prenuptial agreements as a way to test whether their partners are marrying them for love or money.
- Separate Accounts: Another good way to ensure your finances are protected is to keep them entirely separate from your spouse’s. Many happily married couples maintain separate accounts out of mutual respect for each other’s time and money. Separate accounts are not always a sign of mistrust in a marriage. If the finances are never combined, they never have to be untangled in a divorce.
FAQs
Q: What Is the Leading Cause of Divorce in the Country?
A: Divorces happen across the world for different reasons, all of them unique to the people involved. In the United States, one of the leading causes of divorce remains a lack of commitment. A commitment to marriage can mean different things for different people. For some, cheating represents a lack of commitment. For others, arguments about money can indicate a lack of commitment. It depends on the couple.
Q: Can I Lose Big in My Divorce?
A: Yes, it’s entirely possible that you could lose big in your divorce. There’s no way to determine whether you will lose any of your assets without knowing your specific case details. A good divorce lawyer advocates for you to make sure you aren’t taken advantage of. Ideally, you were able to set some defenses before marriage, such as a prenup. If not, you may have to prepare yourself for some degree of loss.
Q: Can a Divorce Lawyer Really Help My Case?
A: Yes, a divorce lawyer can really help your case. Depending on the details of your divorce, the help of an experienced divorce lawyer may be indispensable. Having the right lawyer on your side can make all the difference, especially for divorces with high contention and aggressive disputes. Your lawyer can also take control of your case and give you time to start adjusting to your new normal.
Q: Is Hiding Money From Your Spouse a Crime?
A: In a Texas divorce case, hiding money from your spouse is very much a crime. If you are caught withholding assets from the court, you could face serious legal penalties, and the court will most likely vilify you from then on. You don’t want to be perceived as the bad guy during the divorce proceedings, as it can hurt your settlement outcome.
Contact a Lawyer Today
At Stange Law Firm, we can help you find ways to protect your finances and make sure you aren’t taken advantage of during divorce proceedings. Contact us today to speak to someone about your case.
