The Financial Actions You Want to Take to Protect Your Finances before Divorce
Divorce and its aftermath can be financially challenging and potentially devastating. There are steps that you can take, once divorce becomes likely, to ensure that you’re not left with nothing but bills that your ex has incurred. The experienced attorneys at DTX Family Law can help.
The Impact of a Divorce on Your Finances
It’s almost impossible to come out of a divorce without experiencing some financial hardship. You’re often going from two incomes down to one, and it’s also common for there to be financial problems before the divorce complaint is even filed. Studies confirm this, showing that the bankruptcy rate for individuals after a divorce is about six times that of married people not involved in a divorce.
The Keys to Protecting Your Finances in a Divorce
If you know you’re headed toward a divorce, you want to immediately take the following steps:
- Organize all your finances—Get or make copies of all income and expenses of the marriage, both yours and your spouse’s. Gather all documents related to any property you own, any investment accounts and any retirement accounts.
- Cancel any joint credit card accounts—Determine the balances of all credit card accounts and terminate them.
- Track your monthly expenses—Know how much you’re earning and spending. This can help you create a post-divorce budget.
- Open your own bank accounts—It’s best to do this with your own paycheck, rather than taking from existing joint accounts. Access to those assets can be resolved later.
Contact Experienced Texas Family Law Attorney Chrysandra S. Bowen
At DTX Family Law, we always put your interests first. We know that the legal process can be complex and confusing, and we’ll carefully explain your rights and options, as well as your chances of success, so that you can make good decisions for you and your family. Chrysandra is board-certified by the Texas Board of Legal Specialization, an honor earned by less than one of every ten family law attorneys in the state. To schedule an appointment with a proven and effective Texas family lawyer, visit our new website or call our offices at 940-566-0606.
Handling Divorce and Family Law Matters throughout Denton and the surrounding communities, including Denton, Collin, Wise, Tarrant and Cooke counties