Gunnstaks Law Office
972-392-2300
Handling High-Value,High-Conflict Family Law Cases

Contact Our Firm Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Protecting personal finances during a divorce

There is no "how-to" manual for going through a divorce. No two are the same. However, every individual going through a divorce in Texas should make every effort to protect his or her personal finances. While the financial details of the dissolution can sometimes be the most difficult to resolve, there are things that a person going through a divorce should consider doing to protect their personal finances.

Texas is a community property state, making asset division dependent upon good record keeping. Document the last three to four years worth of financial statements from both personal and joint accounts. Should one party make a large purchase from a joint account prior to the divorce being finalized, good documentation can help prove that this happened.

By closing joint accounts as quickly as possible and attaining a personal line of credit or credit card, a soon-to-be divorced person can protect his or her credit. Ensure that the line of credit has a reasonable interest rate. An agreement can also be reached where one party in the divorce signs off on current joint accounts so that they remain open and in the name of the other party after the divorce.

Opening and closing accounts will most likely affect a person's credit score, so it is important to monitor this continually during a divorce. In particular, a significant credit score drop can indicate a faulty report by a creditor or serious debt being applied to a joint account by one of the parties involved in the divorce. Both parties should use a credit monitoring service to keep track of their score during and after the divorce.

A lawyer with knowledge of the mistakes commonly made by an individual going through a divorce can help guide a client away from them. Even if a harmonious divorce is expected, disagreements may arise. An attorney will help ensure that the client has his or her financial future protected.

Source: USA Today, "4 ways to protect your finances during a divorce", Shawn Leamon, Jan. 28, 2017

No Comments

Leave a comment
Comment Information
  • National Association of Distinguished Counsel - Nation's Top One Percent - 2016Press Release
  • Board Certified | Texas Board of Legal Specialization
  • Avvo Rating 10.0 Superb
  • LCA | Litigation Counsel of America | FELLOW Gunnstaks Law Office, Attorneys & Lawyers, Plano, TX 10 Best 2015 Client Satisfaction | American Institute of Family Law Attorneys

Office Location

Gunnstaks Law Office
5601 Granite Parkway, Suite 350
Plano, TX 75024

Phone: 972-392-2300
Fax: 214-619-0636
Plano Law Office Map

Call For Appointment Map