Mind Your MoneySeptember 4, 2015 8:11 am Comments Off on Mind Your Money
According to Tim Hoch, a divorce lawyer in Fort Worth, Texas, before you step into the viper’s den of divorce court, take stock of your finances with an inventory that looks at your bank accounts, retirement accounts, and credit cards. Even if you have the advantage by being the spouse who manages the money you need to ask yourself (1) what would I do if my checking account and credit cards were closed tomorrow?, and (2) how would I pay for essentials like health care deductibles and my mortgage? And, speaking of minding money, in order to minimize unexpected legal fees, remember to set parameters that you expect your attorney to follow.
From a mediation framework, we help our clients work together to take stock of their finances. If you are able to work with your spouse start off my listing your assets. Just about everything you have will fall into one of the following categories:
- motor vehicles (whose name is the title in? whose name is the loan in?)
- insurance policies (who is the owner? who is the insured? who is the beneficiary? is there any cash value?)
- retirement accounts
- real estate (whose name is on the deed? whose name is on the note?)
- businesses, land, rental property, etc.
- personal property and household furniture and furnishings
- bank accounts, brokerage accounts, and accounts for the benefit of your children
- debts (who does the lender say is responsible for repayment? are you joint account holders or is one of you just an authorized user?)