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Protecting Your Financial Welfare During Divorce

One of the most important things to maintain throughout a divorce process is your financial welfare. If you and your spouse are considering dissolving your marriage, it’s crucial to move quickly and start taking the necessary steps to ensure that you are protected and your standing will be good when your divorce becomes finalized. Here are a few things you can do that will help you protect your finances and ensure the best start to your separated future.

Take a Thorough and Detailed Inventory of Assets and Debts

Texas is a “community property” state, which means that all marital property is shared equally between both spouses. Individual claims to possession of any assets or debts that were acquired during the marriage aren’t usually taken into account, so you’ll want to make sure you keep a thorough and accurate inventory of what you own and what debts you have. This can help you protect yourself from any outstanding credit debt that may be obtained in the weeks or months leading up to your divorce.

Open Accounts in Your Name Only

Start building a financial history independent of your spouse. While the two of you together may have built substantial credit history through your mortgage and credit card payments, you’ll need to start creating a history of your own that’s independent of theirs in order to have a stronger score and be able to obtain things like mortgages and loans when you no longer have your combined records.

Sort Out Your Mortgage or Rent Payment

Your landlord or mortgage lender aren’t going to care about the state of your marriage—they just know you owe them money for the month. Leaving the home when you decide to get a divorce may weaken your claim to it should you with to keep it, but you shouldn’t hesitate to work out what will happen with your home early on in your divorce. That way you have plenty of time to sell it and split the assets or negotiate your property division.

Change Your Will

If you have a will that names your spouse a beneficiary, you will likely want to change that. In some cases you can change your beneficiary with a simple modification known as a codicil, but a complex will that includes a spouse for many different aspects may be easier to revoke entirely and rewrite anew.

Hire an Attorney

You shouldn’t hesitate to reach out to a Killen divorce attorney as soon as you decide to pursue a divorce as well. An attorney can help ensure your rights are protected throughout the process and that your financial standing is preserved to give you the best possible chance of a positive beginning to your new, independent life.

Call Attorney Brett Pritchard today at (254) 220-4225 and request a case evaluation.
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