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Are separate bank accounts enough to protect your savings from divorce?

Maintaining separate bank accounts is an increasingly common way for married couples to maintain independent finances while sharing their lives. However, if that marriage ends, those accounts may not be as legally separate as couples may think. What should people know about separate bank accounts when creating a strategy for their divorce? Why do couples maintain separate bank accounts? Couples…

3 steps to take when preparing for divorce

Taking the time to prepare for any major life event is an important way to protect your interests, and this is especially true of divorce. By carefully collecting important documents and having frank conversations about the things that matter most to you, you can lay the groundwork for a strong future for your family. What steps should you take? 1….

What happens to pets in a Texas divorce?

Pets are a key part of many families. They may have comforted you in stressful times, or they may be your child’s best friend. What happens, then, when divorce changes your family? Who will move forward with ownership of your family pet? How does Texas law address pets? While you may view your pet as a companion and a key…

The methods a spouse may use to hide assets from another

The lack of trust led to the disintegration of your marriage. That mistrust lied dormant within your union for many years. However, you could not ignore it when you were together and even tried to overcome it through marital counseling sessions. Now, you especially cannot ignore the mistrust of your estranged spouse while going through a divorce. It has been…

The fate of your 401(K) in divorce

No matter the stage of your career—whether you are planning for advancement or you are working toward retirement—your retirement savings is one of your most valuable investments. What happens to the investment you have made in your 401(k) if your marriage ends in divorce? Is your 401(k) separate or community property? Texas law views most property, funds and debt acquired…

You’re getting a divorce — who gets the inheritance?

The end of your marriage can have a significant impact on your finances. If your loved one left you a significant inheritance when they passed away, your divorce can lead you to question what will happen to those funds. Will you keep your inheritance after divorce, or will your spouse leave the marriage with part of that inheritance? Generally, your…

4 common misconceptions about divorce

If you are facing the end of your marriage, you may hear many different things about divorce from the people around you. However, these messages may not necessarily be true. What common myths and misconceptions might you hear about Texas divorces? Misconception 1: Property will be divided 50/50 between me and my spouse. While married couples generally have equal ownership…

Does separate property become marital property when comingled?

Before people marry each other they have a life. They have jobs, earn income, have bank accounts, start retirement accounts, purchase homes and other real estate. When they get married they may get rid of some of their personal belongings, but they will generally keep the valuable assets and property that they acquired. They will also generally use those assets…

Finding hidden assets in a divorce

While one of the biggest bones of contention in a divorce can often be property division, when one partner in life has been concealing assets it can add a whole new level of strife to the situation. If loss of trust in a marriage is a common thread that leads a couple to decide to go their separate ways, it…

Remember joint bank accounts during divorce

Divorce requires attention to major property such as your home along with numerous other assets obtained and commingled during your marriage. Joint checking and savings accounts are among the assets that require particular attention, even in a high-asset divorce. Freezing accounts Divorce can bring out the greed in spouses and act like a starting gun for a race to the…

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