Getting a divorce can be a challenging task since you’ll likely have to fill out various forms of paperwork and reorganize your finances. The ending of a marriage can also be an emotionally charged experience for both parties and any children involved. To make the divorce process as efficient as possible, here are the steps you should take to finalize your divorce in the state of Texas.
Gather your financial details
You must be aware of the debts you own and the assets you own when you enter into divorce. This will give you an idea of how much you can expect to receive in your divorce settlement. You should also determine which assets are marital, meaning both you and your spouse share in the ownership of the asset, and individual assets, which belong to you alone.
You should also know how much you make and your income potential. You’ll have to submit proof of your income and your spouse’s income so you’ll know how much you should expect to pay or receive in spousal or child support.
Establish your own credit
If you have a joint credit card, you may want to talk to your soon-to-be-ex about paying off the debt and canceling it since this item will likely appear on both of your credit reports. Establish credit for yourself by applying for credit cards or loans within your budget.
Joint credit card accounts are another matter. They should be paid off as quickly as possible and then closed. If this isn’t possible, you should freeze them during the divorce process: You’ll still have to make payments, but this step can prevent additional charges to the account. Responsibility for the remaining debt should be determined as part of the divorce settlement.
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