When a person decides to end his or her marriage, dealing with the financial complications of a divorce can be among the most complex and contentious issues. Many El Paso couples of all income levels have established deeply intertwined financial lives and a shared vision of the future; choosing to separate those strands can lead to sharp disputes and give rise to serious concerns about the future. When considering divorce, taking action to protect one's financial health and well-being can be particularly important in preparing for a single future.
A fair divorce settlement will address all marital assets, including real estate, investment funds and retirement accounts. For many couples who divorce, their retirement accounts are often the largest single asset at stake in the separation. This is especially true for people who decide to divorce later in life, who also have a smaller amount of time to rebuild their finances after the division of marital assets. Thorough and complete records, including bank statements, account documentation, real estate deeds and photographs of valuables, can help one's divorce attorney to advocate clearly and correctly for one's position.
Documentation can be vital to establishing the scope of marital assets, but it can also be important to keep an eye on current financial activity. Joint credit accounts with debts will generally be divided along with assets in the divorce and assigned to one party or the other. It is important to cancel those accounts and prevent additional debt from being accrued as the divorce process proceeds.
Whether a couple is dealing with a high-asset divorce or more limited means, financial separation can be fraught with emotional and practical pitfalls. A family law attorney may be able to navigate these issues with strong representation to help their clients secure a fair settlement on matters related to property division, spousal support, child custody and other issues.