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TX divorce lawyerIt can be difficult, in today’s world, to imagine living our day to day lives without having at least one credit card. While credit cards can be a good way to improve credit and allow for more flexible spending, they can also pose specific difficulties during divorce. This is especially true for couples who are involved in high asset divorces, which often involve various joint credit cards and accounts, so if you and your spouse have decided to file for divorce and both of your names are on multiple bank accounts or credit cards, it is important to speak with an experienced high asset divorce lawyer who can ensure that you are not saddled with more than your fair share of debt.

The Downside of Owning Joint Credit Cards

Although there are a number of benefits to owning a joint credit card with a spouse, there are also a few downsides, which usually reveal themselves during divorce. For instance, it is not unheard of for one spouse to end up on the hook for charges that he or she did not authorize. While this may be troublesome during a marriage, it can wreak havoc on a person’s post-divorce finances, as the last thing newly divorced couples need is to be saddled with more debt.

Separating one’s credit cards from those of their spouse in the first stages of divorce is one of the best ways to avoid these types of problems. In some cases, this will require canceling the cards, although if the parties have an amicable relationship this may not be necessary. Instead, one party can just have his or her name removed from the account and the other party can request a change of account number.

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Posted on in High Asset Divorce

TX high asset divorce lawyerWhen considering divorce and the division of assets that must inevitably follow, it is important for divorcing couples to remember to account for all trusts that they have established, including those created prior to their marriage. Depending on when it was created and the types of funds and assets that it contains, a trust might completely protect one spouse’s property from division during divorce. On the other hand, the contents of a trust might still end up being divided equitably between the spouses. If you or your spouse have a trust in place and have questions about its fate in the event of divorce, you should consider consulting with a high asset divorce lawyer who can advise you.

Irrevocable Trusts

Although Texas courts have not addressed all types of trusts in relation to divorce, a number of judges have indicated that separate irrevocable trusts, when created prior to a marriage, do shield separate property from marital property. As a result, the contents of those trusts are not subject to division upon divorce. In fact, even the income from these types of trusts, even if it was earned during the marriage, will remain separate property and so also won’t be subject to division. However, this is only true if the beneficiary of the trust, whether the spouse him or herself or a third party, will not be considered to have a present possessory right to any of the assets contained in the trust. In the event that the trustor is granted a present possessory right to a portion of the trust, then the income would become marital property and would have to be divided equitably between the parties.

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