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How to prepare your finances for divorce

As you get ready to file for divorce from your spouse in Bellaire, do not forget to take some time to prepare yourself financially. You may have been married to your spouse for several years. During that time, you have mixed your income and finances. Now that you are leaving, you must do what is necessary to improve your own financial situation. 

A divorce decree does not eliminate any financial responsibilities you have with your partner. Once it is finalized by law, your creditors can still come after you for any joint debts and responsibilities that you and your spouse owe. Take a few moments to consider the following actions to prepare yourself for life as a divorcee. 

Close accounts 

You may have several joint credit cards, bank accounts and debts in both of your names. Close them out and pay off as much joint debt as you can comfortably afford. If there are some accounts you want to keep, consider opening them up individually in your own name. If you keep your spouse on any of your accounts, any debts he or she runs up become yours and can make it harder for you to rebound financially after your separation is legal. 

Keep in mind that if you anticipate receiving funds from your partner for the kids, you might want to keep one joint account open to make the transfer of funds easier. Remember to keep a close eye on it just in case your spouse tries to do anything else with it. 

Inventory all financial assets 

It is important for you to know where every single dime comes from and is spent during your divorce. There is the possibility that your spouse might try to hide assets. The sooner you locate copies of all financial documents and take an accounting of marital assets, the easier it will be for you to anticipate and plan for your post-divorce finances. 

Make a budget 

You have less income to survive on. You will need to revamp your budgeting skills, so you can determine the best way to manage your money and financial responsibilities after divorce. Be sure to include your kids’ school, medical and extracurricular expenses when calculating your post-divorce budget. 

Divorce can be hard on a person’s finances. But careful planning and financial planning can help to minimize the number of financial challenges you may encounter as you adjust to life as a divorcee.

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