Shawntell L. Mckillop attorney at law

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San Angelo Divorce And Criminal Defense Lawyer Serving West Central Texas

Understanding your family finances before filing for divorce

| Jul 19, 2021 | Family Law |

Divorce can be a painful event for you and your family. Even an amicable divorce proceeding can profoundly impact you, your spouse and your children. Contentious divorces and child custody issues are especially devastating. If you are a woman planning to initiate a divorce, you can prepare to handle the difficult conflicts that may arise when the legal process begins.

The breakup of a marriage can be an emotional rollercoaster. Preparing for a pending divorce can help you to focus. You want to maintain a level of calm and confidence despite any disruptions to your family’s lives. Here are the first steps to take.

Organize your financial records

Finances are one of the most stressful aspects of divorce. You should immediately locate documents pertaining to:

  • Taxes
  • Bank accounts
  • Loans
  • Retirement accounts
  • Employment records
  • Social Security

Take action toward independence

  • O. Box
    Setting up a P.O. box is a simple way to safeguard your privacy
  • Bank accounts
    Create new bank accounts that only you can access
  • Credit cards
    Apply for new credit cards in your name to establish a positive credit report. Obtain a copy of your credit report and review it for any errors
  • Will and accounts beneficiaries
    If necessary, change the beneficiary designations on all your accounts

Careful planning and preparation will help to give you some peace of mind as you navigate the challenging conversations and logistics involved in the divorce process. Knowledge is power. Learning about your options may reduce the upheaval to your family and result in a smoother resolution.