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What steps should you take when preparing for divorce?

On Behalf of | May 16, 2022 | Family Law

Texas residents who decide they want a divorce never reach that decision easily. However, once you know it’s where you’re headed, it’s important to take certain steps to prepare for the upcoming proceedings.

Gather your financial documents

Going through all your financial documents immediately can help you determine what assets and debts are yours versus your spouse’s. This helps you see what’s considered marital property and what you own alone. It can also help you get a clearer picture of your financial situation in terms of how much money you have whether in the bank, in the form of assets and property and more.

Work with a financial analyst

You might want to work with a financial analyst who can help you determine an idea of your budget once the divorce is final. This is a step you might have to take if you can’t figure out your finances by yourself. Many people have to prepare themselves for a standard of living that’s below what they enjoyed during marriage.

Close joint accounts

Close joint financial accounts held by you and your spouse. If your spouse has a habit of overspending, this is even more urgent. Once you tell them you want to get a divorce, they might deliberately accrue debt or withdraw funds from joint savings or checking accounts.

Open your own credit account

If you have limited credit or none at all, it’s wise to open your own credit card account. Many married people have joint credit cards with their spouses but may be listed as authorized users. Opening your own account can help you establish your own credit and improve it from there.

These are a few of the most important steps to take when you’re planning on getting a divorce. They can give you a good head start.