The end of a marriage can feel like a roller coaster ride. Unfortunately, poor financial decisions during divorce proceedings can impact a person’s credit, making it harder to start fresh with a new apartment or home. Here are a few tips for effectively managing one’s finances when getting divorced in Texas.
Financial steps to take during the divorce process
People who decide to divorce should ideally close their jointly held checking accounts, credit lines and credit cards. This will keep them from becoming stuck with new debt their ex might incur while they are separated. This new debt may reduce their credit scores and make it harder for them to cover their future expenses as single individuals.
Individuals going through a divorce might also want to freeze their credit with Transunion, Equifax and Experian. Locking up their credit will keep an ex-spouse from creating new debt channels that may negatively affect credit scores. This is another way for a person who is getting divorced to protect his or her credit score.
How a family law attorney can help during divorce
A family law attorney in Texas can help an individual navigating divorce to make educated decisions about financial matters such as asset and debt division. The attorney may also offer guidance on pursuing spousal support and child support, where applicable. The lawyer’s primary goal will be to protect the client’s rights and best interests during each phase of the divorce proceeding.