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Attention to finances important during a Texas divorce

Sunday, June 24, 2018

The month of September is actually a key time during the year that people decide to get divorced. This may be because breaking the news might be easier to do when the fun summer vacation has already been taken but before the holidays arrive. A few tips can help people going through a Texas divorce to protect their best interests in Texas.

It's important to document the family's assets and obtain the past three years' worth of one's tax returns. Knowing what one owns and how much income the family earns is important when figuring out how to best divide the assets or petition for alimony. It's also wise to save up money and create a budget so that transitioning from married life to single life is as easy as possible.

It additionally is essential to establish credit with a personal credit card, apart from one's spouse. Having strong personal credit is imperative for taking out a car loan or a house loan independently in the future. People who are divorcing would also be wise to consider getting rid of their family home. Although people usually have emotional ties to the marital house, maintaining the home's expenses may be challenging for a newly divorced person to do.

Navigating the Texas divorce process may be overwhelming because so many decisions must be made, and they all can have a huge effect on one's future. Having an applied understanding of divorce law can empower a person to make decisions that will financially help him or her in the future. It is within a person's rights in Texas to seek a divorce outcome that is personally beneficial while still striving for a fair settlement with the other party.

Source: The Wall Street Journal, "How to Plan for a Divorce", Veronica Dagher, Sept. 6, 2014

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