Money matters become front and center during divorce, and joint accounts often spark the most questions. Fort Worth couples need to know their rights regarding shared bank accounts and credit cards, as Texas law has specific rules about splitting these assets.
Texas community property rules
Texas treats most assets gained during marriage as shared property. This means the money in your joint accounts belongs to both spouses equally, even if one person earned or saved more than the other. The same goes for bank accounts that only list one spouse’s name but were opened during the marriage.
What to do with joint accounts
Here’s what you need to do right away with your shared accounts:
- Tell your bank about your divorce plans
- Stop any automatic payments
- Get copies of all account statements
- Open your separate account
- Keep track of all money going in and out
These steps help protect your money and create a clear record for the courts.
Managing credit card debt
Your shared credit cards need quick attention, too. Here’s what to know:
- You stay responsible for joint card debt even after the divorce
- Banks won’t change their rules because of your divorce
- Courts look at who spent the money when splitting debt
- New charges on joint cards can cause problems
Money matters in divorce need swift action. The wrong moves with joint accounts or credit cards can hurt your case in Fort Worth courts. A local divorce lawyer can guide you through these financial decisions and help protect your money during this process. They’ll know the local court rules and can spot potential issues before they become problems.
