Sanchez & Farrar PLLC
Call Us Today for a
Free Consultaion
Houston, Texas
(713) 364-0170
Austin, Texas
(512) 518-1584

Understanding finances can help to protect future post divorce

As a general rule of thumb, it is a good idea for married individuals to be prepared for when they may eventually be single due to marital dissolution. This is important given that research indicates that more than 40% of marriages end in divorce. Here is a look at a few pieces of information that individuals should ideally know before getting divorced in Texas.

First, it is paramount that married parties understand what they and the other party own and owe. For instance, two parties might both own the marital home. However, only one individual may own the car. Likewise, the two parties might have their own separate debts or share certain debts.

The state of Texas is a community property state. This means that all assets acquired during marriage must be split down the middle during the divorce process. In addition, any co-signed loans will be the responsibility of both individuals.

Second, it is important for people to understand how much they have in their retirement accounts, such as their 401(k)s before getting divorced. In the same manner, it would be wise for them to understand what makes up their investment portfolios. Knowledge of their investments combined with their individual incomes may help them to determine the types of lifestyles they can maintain following divorce.

Navigating the divorce process in Texas can no doubt be daunting, especially for individuals with substantial assets or high-value assets. However, an attorney can help divorcing individuals to make expedient decisions regarding the division of their assets as well as issues such as spousal maintenance. The attorney will make sure that the client's rights and best interests are protected each step of the way in the Lone Star State.

No Comments

Leave a comment
Comment Information
Email Us For a Response

Contact Us

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy


Firm Location

314 E Highland Mall Blvd
Suite 304
Austin, TX 78752

Phone: 512-518-1584
Fax: 866-357-4460
Austin Law Office Map

411 Cavalcade Street
Houston, TX 77009

Phone: 512-518-1584
Fax: 866-357-4460
Map & Directions


Firm Location

Review Us