Calling an end to a marriage is not something a Texas couple anticipated at the time of the marriage. However, some Texas couples reach stages when divorce becomes their only option. With divorce comes the property division process, and, in the interest of post-divorce financial stability, being prepared may be beneficial.
As soon as divorce considerations arise, preparations can commence. A good start may be to assemble financial documents, such as credit card statements, tax returns, statements of dividends and interest, bank statements and more. Storing such documents in a safe place will allow immediate access when financial information is required during legal proceedings.
A good credit score will be a great advantage should the need to apply for a new mortgage or car loan arise. Understanding one’s credit report — and that of his or her spouse — and dealing with errors in a timely fashion can help individuals avoid the rejection of credit applications later. This may also be a good time to close joint accounts and establish new personal accounts. During the time leading up to the divorce and beyond, many unanticipated expenses may have to be faced and building an emergency fund may help.
Going through a divorce in Texas can be complicated, especially when it comes to property division, investments and tax consequences. Building a support team to provide guidance may ease the process. In addition to retaining the services of an experienced divorce attorney to ensure protection of a spouse’s legal rights, a financial planner may be of invaluable assistance in setting an individual up financially for his or her new life.
Source: gogirlfinance.com, “How To Prepare For a Divorce”, Sarah Chang, Sept. 23, 2015