Texas estranged couples will need to address a number of financial matters during and after a divorce. For example, if they owned a home, it will likely need to be sold or refinanced. There may also be a retirement account that needs to be divided. Certain types of retirement accounts require a document called a qualified domestic relations order to avoid taxes and penalties. People need to understand this and any other rules around the division of these accounts.
Establishing credit is also important. Joint accounts should be closed and new individual ones set up. People should also revise their estate plan, including the will and any beneficiary designations. If the divorce is not yet final, some documents may require permission from the spouse to be removed.