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Close joint accounts when involved in a Texas divorce

Wednesday, June 20, 2018

Going through a divorce can be difficult for everyone. Many emotions are involved in the process. When children are involved, it can ratchet up the tensions, especially if there is a dispute over child custody. Furthermore, one of the major fallouts from a Texas divorce could be the financial impact for both spouses.

Although finances are normally negotiated during a divorce, some people may not realize that a spouse's failure to pay their bills on time could directly affect both parties. When going through a Texas divorce, it may benefit to pull a free credit report. Keeping one's credit stable is a vital aspect of getting back on one's feet after a separation. This could mean continuing to pay on the joint accounts, even if the other spouse has agreed to do so. Continuing to keep the accounts in good standing could ensure the safety of one's credit rating.

Even if a spouse is required to continue making the payments as a stipulation of the divorce decree, credit card or other credit companies may not recognize it and still continue to hold both parties responsible for the debt. In addition, it would probably be beneficial to close any remaining joint credit lines. Doing so could prevent the other party from running up debt.

Budgeting is always a good idea, but when in the middle of a Texas divorce, it often becomes vital. Continuing to keep a close eye on one's credit rating and joint accounts may help spouses involved in a divorce where joint accounts are at play. Although the other spouse may be deemed responsible, it may be a good idea to pay attention to those payments to ensure they are being made. If not, it could require the assistance of the courts to enforce the decree and to ensure the other party is holding up to their end of the settlement.

Source: Coloradoan.com, "Gilbert: Getting finances right after divorce takes work," Sara Gilbert, Jan. 25, 2013

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