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Are your finances prepared for divorce?

On Behalf of | Mar 2, 2020 | Divorce

With the decision made that you are going to divorce your spouse in Texas, you are now tasked with moving forward on your own. The process of separating your life from that of your spouse can take time and mental tenacity as you create new boundaries and reestablish your independence. One area that will require extra attention is your finances. Being proactive about organizing your financial affairs can help you to avoid costly mistakes while more effectively preparing for your future. 

According to CBS News, pay close attention to which expenditures are categorized as necessities. Even if there are things you feel you cannot live without, limit your necessities to the basics such as food and shelter. Be creative in coming up with ways to stretch your money further and establish a plan for saving money for your future.

If you have had children with your spouse, do not count on receiving child support or even alimony when you are budgeting your money. Rather, budget as if you will not be receiving those funds so if you have difficulty getting promised payments from your ex, you are not left scrambling for money. If you are receiving no money at all, notify the proper authorities of the discrepancies. 

As soon as you decide to get divorced, open a bank account in your name and begin taking steps to establish your own line of credit. This is especially important if you were the spouse primarily in charge of child care and homemaking duties in your relationship. Starting to pay your own bills and paying them on time is an excellent way for you to begin building your credit which can be instrumental in helping you to secure loans down the road if you desire to buy a home or car, or make some other significant purchase.