When things were great between you and your spouse, the last thing on your mind was finances and debt. Now that your marriage is ending, you probably find yourself wondering how you and your soon-to-be ex-spouse can separate your finances.
All those joint accounts, bills and other financial entanglements you and your spouse share during the marriage do not disappear in divorce. Upon filing, you and your spouse must provide full financial disclosure to the courts under oath. You can protect your credit profile, finances and get rid of marital debt in your separation. Just remember, in Texas, spouses equally share marital debt in divorce.
Work out a deal with your spouse
Divorce does not have to end on bad terms. Talk to your partner about your joint credit cards, bank accounts and other shared financial benefits. Work on paying down as much debt as possible before you file your high-asset divorce petition.
Inform your creditors
Divorce does not absolve your financial obligations to creditors. Contact your creditors to learn what options they have for separating spouses and divorcees. Do not stop payments or assume that your spouse will handle things themself. You may qualify to establish a personal account for yourself.
You may decide to negotiate to sell off certain assets or to give your spouse certain items to alleviate your marital debt obligations. A complete inventory of all personal and joint financial obligations can help to uncover missing or hidden assets. If you suspect your spouse is withholding financial information or assets, the discovery process can help to protect your right to a fair share of the spoils of divorce, including debts.
The less debt you have at the time of your divorce filing can lower the negative impact the dissolution has on your current and post-divorce financial future.