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Finances can be tricky to untangle in divorce

During the dissolution of a marriage in Texas, financial decisions can easily become complicated in light of the emotional challenges associated with a marital split-up. Even when a divorce proceeding starts out as a seemingly amicable one, it can quickly escalate into an emotionally charged, drawn-out battle. One area where making clearheaded decisions is especially important, however, is credit accounts.

First, having an independent identity in terms of credit is paramount. Getting copies of one's credit reports and reviewing them can help with understanding all accounts one has. Some accounts might be individual accounts, whereas others may be joint accounts. Perhaps one spouse is simply an authorized user on the other party's account. If individual credit accounts are lacking, applying for these accounts as soon as possible is important while joint income can still be used to qualify for them.

In addition, before dividing accounts and any balances that are due, creating a budget according to post-divorce income may be helpful. This will provide a clear picture of how much debt one can handle. A financial advisor may provide help with developing such a budget.

The financial aspects of a divorce are often some of the most confusing and contentious parts of dissolving a marriage. However, if the spouses getting divorced can strive to find common ground, they may be able to mediate their divorce, which can be less contentious than going to trial. However, if they cannot achieve a mutually satisfactory settlement through divorce mediation, they will have to rely on a judge in Texas to make financial decisions for them.

Source: nerdwallet.com, "How to Untangle Your Finances in a Divorce", Bev O'Shea, Hal Bundrick and Dayana Yochim, June 23, 2017

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