Portrait of John K Grubb

Texas Divorce and Prenuptial Agreement

4550 Post Oak Place, Suite 201 • Houston, Texas 77027-3139

Phone: 713-877-8800 • Fax: 713-877-1229

Save Your Finances During a Divorce Proceeding

According to Womans Day, parents can take several steps to avoid financial mistakes during their divorce proceedings. Divorce takes an emotional toll on people, but it can also lead to an economic failure. There are several ways to protect yourself, your income and credit history as you are going through a difficult divorce.

Do not try to get even with your ex. Think twice before trying to implement financial revenge for all the wrongs an ex has committed against you throughout the marriage. The more you argue over assets and financial division, it will cost to pay for legal and professional fees, perhaps adding a serious bill that could cripple you financially.

Before divorcing, pull your full credit report from all three major credit bureaus – Experian, Equifax and TransUnion. You may be entitled to a free yearly credit report, so it will not cost you anything to see what joint held credit cards you may have with your spouse. Transfer balances of joint held credit cards and then close the joint accounts. Consider placing either a fraud alert or security freeze on your credit if you suspect your spouse may try to open a joint account during the divorce proceedings.

If you are a co-borrower on a loan or credit card, the company may hold you liable even if your divorce decree says your ex was responsible for paying off the balance. Contact the lender before signing a decree to discuss your liabilities and what you can do to remove the risk from your name.

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