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Three Steps Toward Financial Health During Divorce

The best time to protect your financial health during divorce is before you file. If you do not have that luxury, there are steps you can take to ensure financial stability as you move through and out of the Texas divorce process.

As with many issues in divorce, being responsive is more useful than being reactive. Understanding your finances is the first step to managing your financial condition as you make agreements to divide assets and pay off debt. Consider these points:

  • Take action: Open new bank accounts in your name only, and close all joint accounts immediately. If your spouse is going to keep using a joint credit card, ensure in writing that your name is removed immediately from the account. Personally take charge of making sure these steps happen. While your spouse may seem friendly, there is no need for trust, or distrust, if you handle your arrangements on your own.
  • Obtain a credit report: Prior to divorce, it is essential to establish credit in your own name. Your credit rating is a valuable asset down the road when you are looking for a new home or want to refinance the home you have. Review your report carefully for joint accounts or credit lines you may have forgotten. Close all joint accounts and address any credit problems as soon as possible.
  • Budget: Take a hard look at your bottom line. Document your debt and determine the money you need to support a realistic lifestyle. Divorce often requires a reduction in your style of living, and purchases may have to be curtailed and debt may have to be paid off.

Divorce is a frustrating, often emotional process. Making a clean start means knowing your numbers upfront and getting experienced legal help to maintain your financial health into the future.

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Robert Reid McInvale
Attorney at Law

Robert Reid McInvale is an experienced family law attorney with a comprehensive practice in Lubbock. He provides dedicated and strong advocacy for his clients, helping them with all the issues surrounding their divorce, separation, child custody, and other marriage and family matters. Attorney McInvale—Reid to clients and friends—seemed destined for a law career. Born while his father was attending Emory University Law School, Reid grew up in Manchester, GA. His father was the city attorney for many years, as well as head of the Manchester Chamber of Commerce. It is in the family blood to become lawyers and help people get justice. U.S. Supreme Court Chief Justice John Marshall is part of the McInvale family tree.

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