No matter how amicable the end of a marriage may be, it is nonetheless critical to protect personal finances. The utmost care must be taken during Texas divorce proceedings. If not, an action taken by a spouse or even by oneself could have serious credit implications.
Luckily, there a few ways that individuals can better protect themselves and their finances as they go through this process. The first step is to gather all applicable documentation going back three to four years, including both individual and joint accounts. This is a key first step, as this documentation will prove essential when the assets are to be divided.
Another recommended step is to open a personal credit card after closing all joint accounts. This will help to make a clear delineation between pre-divorce finances and separate finances going forward. It will also help to avoid financial disputes while the divorce process is going on. A further step that can help draw a financial line in the sand is to obtain a credit card in one’s own name.
One of the most important steps to take before a divorce is to consult an experienced Texas divorce attorney. Even in the most peaceful of divorces, it is always wise to have an attorney on one’s side in order to keep the entire process on track. A family law lawyer understands many of the typical financial mistakes that many individuals make when getting a divorce, and in the event that a financial dispute arises, the attorney will be there to represent the individual and protect his or her rights.
Source: ajc.com, “4 Ways to Protect Your Finances During a Divorce“, Shawn Leamon, Jan. 24, 2017