Protecting Your Financial Future in a Texas Divorce
Posted on in Divorce
It is not uncommon in a divorce to experience credit issues or other financial problems. However, many people wind up ambushed by the true scope of these issues and find themselves struggling with serious financial difficulties. If you are getting ready to file for divorce, the following information can be useful. For more detailed information regarding your particular circumstances, as well as other divorce questions, one of our skilled Collin County divorce attorneys can help.
Take Steps Before You File
Whenever possible, it is in your best interest to ensure your finances remain stable even before you file your petition to divorce. If you and your spouse are on friendly terms despite the decision to divorce, try working together to minimize or eliminate as many marital debts as you can. This can include closing or freezing any joint accounts you may have. Paying off as much debt as you can before the marriage ends will go a long way in providing you with solid financial footing as you begin your post-divorce life.
Another step you should take is opening up a new credit card just in your name. Do not use the card for large purchases. Instead, use it to make small purchases and pay them in full immediately. This helps build up your credit in your name only, as well as provide you with financial lifeline if the relationship with your spouse is an acrimonious one.
Documenting All Finances
Even if you and your spouse are on good terms despite the plan to end your marriage, this good will can quickly turn contentious once the process begins. This is why it is critical to document every financial transaction, including deposits in your own accounts and payments you make on shared bills (i.e. mortgage). If there are bills that are solely your spouse’s but you are making payments on, make sure to document these as well so you will have proof in order to be reimbursed.
You will also want to have copies of all other financial information you and your spouse have, including financial account statements, mortgage receipts, insurance policies, tax returns, retirement accounts, property deeds and/or titles, and more.
Let a Plano Divorce Attorney Help
There are so many issues that need to be addressed during a divorce that it can be hard to keep track of it all, especially when also dealing with the emotional aspects. This is why it is important to have a dedicated Collin County divorce lawyer advocating for you and ensuring your best interests are protected. Call Law Office of Brian Bagley at [phone]] to schedule a free consultation.