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Tackling financial matters can be complex during divorce

Although new beginnings can be exciting, they can also be intimidating, especially when they involve getting divorced. After the divorce papers have been filed, it can be confusing to determine what exactly needs to be done from a financial standpoint to navigate this type of family law proceeding. A couple of tips may help with tackling financial matters during a divorce proceeding in Texas.

After the divorce process starts, it is natural to want to start focusing on how to preserve and protect existing assets in preparation for a post-divorce lifestyle. However, one common mistake is to forget to pursue hidden assets. Hidden assets may range from savings and checking accounts to children's accounts. Failure to disclose these hidden assets can be financially costly in the long run depending on how much value these assets have.

Getting credit score updates is also beneficial when going through divorce. After all, credit determines how easily it will be to borrow money in the future without a spouse's assistance. Asking for copies of credit score reports is especially critical for fixing any mistakes on these reports that may be making credit scores lower than they should be.

Finances are often a major point of contention during a marriage that ends in divorce, so naturally, it is often a major area of dispute during this type of legal proceeding. Understanding one's financial status can go a long way when fighting for certain assets at the negotiation table. An attorney can help with pursuing a personally favorable divorce settlement that involves a fair division of assets in Texas.

Source: kansascity.com, "Spring cleaning your finances in divorce", Chanel Fortier, March 22, 2017

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Jamie Graham & Associates, PLLC
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