When you complete your divorce, you will be able to start a fresh new chapter of your life. If you are like many Texas residents, you want this new chapter to be filled with the promise of peace and freedom. However, divorce wreaks financial havoc on most people, even those with plenty of money. Failing to consider the financial fallout of divorce is often a big mistake.
Even though you are probably exhausted from starting the divorce process, it is wise to think about the future. Many family law attorneys recommend creating a list of possible financial issues as early as possible. Having the list in place allows you to begin addressing vital money matters as soon as you receive your divorce decree. Below are some financial topics you may wish to consider adding.
- Closing out financial accounts you shared with your spouse
- Creating an estate plan or updating your existing estate plan
- Creating a budget to protect your finances
- Opening a new credit card account
- Reviewing and updating your insurance policies
- Reviewing your credit score carefully
- Analyzing your investment accounts, particularly if your spouse handled your investments during your marriage
You want the best possible chance to create a new life in the wake of divorce. If you have other concerns aside from the financial matters discussed here, consider asking your lawyer for guidance. Most attorneys are prepared to help their clients address all important issues before, during and after a marriage ends.
Initiating a financial discussion with your lawyer while your divorce is in progress may also help when it is time to divide your marital property.