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What Should I Do to Protect Myself in a Divorce and Safeguard My Financial Stability?

Chandler Rice Winslow | March 3, 2025

Divorce is one of the most emotional and stressful times in one’s life. It can often feel like your life is falling apart around you, and uncertainty about the future can cause anyone to feel anxious, especially with regard to the potential effects of the divorce on your financial stability. Fortunately, there are several ways to safeguard your future.

Seven Ways to Protect Yourself Financially Before a Divorce in Texas

1. Create a Financial Plan for Your Divorce

The first thing you should do to protect yourself financially during a divorce is to create a plan for your financial future post-divorce. Establishing your financial goals and priorities early on will make difficult decisions a bit easier later on. For instance, do you want to retain ownership of the home? Or are you willing to forego the house in exchange for another asset? Choices like these are inevitable, and it helps to have your priorities outlined when the time comes to make a decision.

2. Open Your Own Bank Account

Most couples choose to establish a joint bank account when they get married. To protect yourself financially before divorce, though, you should set up a bank account solely in your name as soon as possible. This step is especially important for spouses without jobs or who have been stay-at-home parents before the divorce. Opening a separate bank account under your name will allow you to start building better credit for your future. Doing so may also separate your spending patterns from your spouse’s and protect you if your spouse goes on a reckless spending spree during the divorce process or seeks to harm you financially. However, while establishing your own account is important, certain courts have specific orders regarding use and management of marital funds during a divorce, so be sure to consult with an experienced family lawyer about financial protection during divorce prior to doing anything with marital funds.

3. Separate Your Debt

Ensuring financial stability after a divorce requires being aware of your debt. The amount of debt that each spouse assumes will factor into determining how to equitably divide the marital estate between the parties. During a divorce, debts may be categorized as either joint or separate. Separate debt generally refers to any debt that a spouse accrued before the marriage. Joint debt applies to most debts taken on during the marriage. Understanding what types of debt you may be left with following the divorce is important so you can figure out how to pay it off once the divorce is finalized.

4. Monitor Your Credit Score

Your credit score will unavoidably be affected in a divorce, whether that’s due to closing a joint account or all of your assets being held in your spouse’s name. You should be proactive about protecting and improving your credit. Request credit reports early in the divorce process to understand what your profile looks like and what you can do to raise your score. Though it will take time, acting now can make a big difference in the coming years.

5. Take an Inventory of Your Assets

One of the most important things you can do to protect financial assets during divorce is create an inventory. Much of your property from marriage will be considered jointly owned, but not all of it. You should make sure to note which assets belong exclusively to you. These individually owned assets may include inheritances, gifts, and other valuables brought into the marriage with you.

6. Review Your Retirement Accounts

Many divorcing spouses fall into the trap of assuming that their retirement account will remain theirs following a divorce. But in Texas and a few other states, your retirement account could be considered community property and therefore be subject to division, so you’ll need to think about protecting these financial assets in the divorce. Be sure to speak with an attorney or financial advisor so you will know what to expect concerning your 401(k), IRA, or other retirement account.

7. Consider Mediation Before Litigation

High emotions are to be expected during a divorce, but it’s important not to let them overwhelm your judgment. Even if you and your spouse disagree on a few matters, it can benefit both parties to resolve the divorce through mediation instead of litigation. This approach allows for more creative solutions and can often leave you feeling more satisfied than if a court makes decisions for you. Mediation can also be significantly less expensive than litigation. However, sometimes, litigation is unavoidable. In these cases, it is essential to hire an experienced divorce attorney.

Get Help Protecting Yourself and Your Future With Goranson Bain Ausley

If you’re asking, “How can I protect myself during a divorce in Texas?” a crucial first step is consulting a trusted family law attorney. Goranson Bain Ausley is the largest law firm in Texas dedicated exclusively to family law, with a team of highly skilled divorce attorneys committed to safeguarding your financial interests. Whether through mediation or litigation, our attorneys provide strategic guidance to help you navigate the divorce process with confidence. Schedule a consultation today to learn how we can assist you.

Chandler Rice Winslow has been recognized as one of D Magazine’s Best Lawyers Under 40 for 2022 and is selected for inclusion in The Best Lawyers in America© in the field of Collaborative Law: Family Law by Best Lawyers in 2025 for her expertise in family law. In addition to her work in family law, she has a strong background in business and real estate law, allowing her to serve a diverse range of clients, including both working professionals and stay-at-home parents. Chandler’s deep understanding of business operations enables her to advise business owners on distinguishing between separate and community property. She is also highly sought after for her expertise in drafting pre- and post-nuptial agreements and resolving complex custody disputes.

To learn more about securing your financial future during and after divorce, please contact Chandler Winslow at 214-617-2053.

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