Those who choose to serve our country by joining the military often do so at great sacrifice. Divorce is sadly common and many service members here in Texas and elsewhere end up facing it at some point. There are several decisions that anyone who is planning on divorcing might need to make, whether they are having a military divorce or not. These pertain to how they might best manage their finances before the divorce occurs.
There are many examples of important documentation that may be helpful to assemble before starting divorce proceedings. Bank statements, retirement account and military savings or pension plans will be among some of the most obvious sources. Some other possibilities include any records that pertain to a house owned by either or both spouses, stocks or mutual funds, tax returns and records of valuable possessions like antiques or jewelry.
When all of the documentation is located, generating copies and moving them to a safe area is the next step. When handling military divorces, there may be some differences in how finances and assets are divided between the two ex-spouses, but courts will take many factors into account such as the employment status of the other spouse or who will be caring for children if any are part of the marriage. Having a clear picture of one’s finances will help ensure that one is fully prepared for negotiation.
When navigating divorce negotiations in Texas under any circumstances, lines of communication should be kept open if at all possible. The most important point to consider is what will be best for all parties involved in proceedings, particularly if children are involved. Military divorce may take time and dedication to work through, but it may offer everyone a chance to start over and begin a new life.
Source: ahwatukee.com, “Facing divorce? Organize your finances now“, Kim Devoss, July 23, 2014