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When divorce is envitable, protecting finances is essential

At times, continuing in a marriage can be difficult, and when it becomes impossible, getting divorced is the only option. Individual decisions, unforeseen events and even time can all lead spouses to make the decision to get a divorce. A few tips may help those navigating this type of family law proceeding in Texas.

First, immediately protecting one's finances and credit is paramount. After all, a future ex still maintains control over the other party's financial health directly after the decision to get a divorce has been made. An important step in protecting finances is to create a new car insurance policy that is not linked to the other party. This offers protection from the fallout of possible tickets or accidents.

Another essential step is to shut down any joint bank account. Telling lenders as well as companies that receive payments that divorce proceedings are taking place can also be helpful in case a future ex fails to make a payment or makes a late payment. Furthermore, once the two parties have reached an agreement on the distribution of assets verbally and legally, these accounts can be closed by selling off the assets or refinancing loans, for example.

Even though divorce is hardly a pleasant process, a couple in Texas can take steps to make it much more palatable. For instance, divorce mediation may make it possible for them to resolve areas of dispute, such as the division of property, and thus avoid having to go to trial. An attorney can help one spouse with the process of mediation or even going to court depending on the circumstances surrounding the dissolution of a marriage.

Source: wisebread.com, "How to Protect Yourself Financially During a Divorce or Separation", Samantha Stauf, July 10, 2017

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Jamie Graham & Associates, PLLC
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San Antonio, TX 78205

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