February 14, 2020 | Share
7 Issues Not to Overlook During Your Divorce
Getting divorced involves several issues, some of which are more complicated than others, but all of which require your attention during the process. While most people are familiar with the main issues involved in the divorce process (i.e. dividing marital assets and establishing child support and child custody), in McKinney divorce lawyers’ experience, there are a number of issues that spouses tend to overlook as well.
For example, here are seven commonly-overlooked issues that you will want to be sure to address during your divorce:
1. Separate vs. Community Property
You might be aware that Texas is a community property state, but what you might not know is that not all of your assets qualify as community property. Any assets you owned prior to your marriage could be your “separate property” (and therefore yours to keep), and certain assets acquired during your marriage could potentially qualify as separate property as well.
2. Access to Phones, Email Accounts and Social Media Accounts
If your spouse has access to your phone, email accounts or social media accounts, you will most likely want to change your passcode and passwords for your divorce. Even if you don’t think your spouse would snoop around in your phone or do anything inappropriate with access to your email or social media profiles, it’s an easy issue to avoid, and it’s better to not take the chance.
3. Access to Bank, Retirement and Investment Accounts
Similarly, if you have separate bank, retirement or investment accounts, you may want to update your login information for these as well. However, for joint accounts, you may need to wait until your divorce is final and you have acquired sole ownership through the distribution of your community estate.
4. Credit Cards, Utilities and Cell Phone Plans
This is another one that you will most likely have to handle after your divorce is over, but it’s a good idea to keep it in mind during the divorce process. If you will be assuming sole responsibility for any credit card accounts, utility bills or cell phone plans, you will want to be sure to remove your (former) spouse as an authorized user.
5. Estate Planning Considerations
While getting divorced has certain automatic impacts on your estate plan, it will not remove your spouse from your estate plan entirely. It also does not impact your estate plan at all until your divorce is final. The automatic impacts could have some undesirable effects as well, so you will want to carefully address your estate plan with the help of your attorney while your divorce is pending.
6. Emergency Contacts
In this same vein, you will most likely want to update your emergency contacts to designate someone other than your spouse.
7. Tax Planning
Finally, when dealing with property division, child support and alimony, it is important to consider the tax implications involved. In many cases, both spouses can achieve significant savings by incorporating strategic tax planning into the divorce process.
Contact the McKinney Divorce Lawyers at Nordhaus & Nordhaus, PC
If you are contemplating a divorce and would like to speak with an attorney about the issues involved, we encourage you to contact us for a free consultation. To request an appointment at our family law offices in McKinney, please call 214-726-1450 or inquire online today.
Categories: Family Law & Divorce