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.
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