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Building financial independency during divorce

On Behalf of | Jul 17, 2017 | Divorce |

Each year, many Texas couples turn to divorce as a viable solution to putting differences in the past and moving forward as independent persons. Often, when the decision to divorce is made, an immediate need to determine financial standings is required to make sure each spouse has the support they need.

One of the best things any divorcing couple can do is to take proactive steps to become financially independent from the other. According to Forbes, there are several different ways to expedite this process including the following:

  • Issuing an agreement: Legally binding separation agreements have the ability to provide clarification which is imperative in a couple’s ability to move forward. Without a formally written and issued agreement, couples are often left to fight things out which leaves important decisions open to personal interpretation.
  • Understanding the finances: Couples seeking a divorce should take the time to understand the state of their finances. Doing so can provide insight into where money is coming in and going out, and it can also provide clarification in determining where changes need to be made in regards to separation.
  • Ending joint accounts: As quickly as possible, a couple should make every effort to close out all joint accounts with banks, credit unions and credit card companies. Often, this is the first step in separating finances and building independency.
  • Establishing personal credit: In regards to each spouse’s financial future and ability to obtain credit, proactive measures should be taken to establish, strengthen and maintain personal credit. One of the best ways for an individual to do this is to open credit cards in his or her name and begin building credit right away.

In an article published by mysanantonio.com, research suggests that divorce is the end result of nearly half of all first marriages.