Divorce is difficult, that much is obvious. Besides the heartbreak, a divorce can do major damage to your credit if you neglect to take proper precautions. Even if matters of finance may seem trivial during the process, it will save you major headaches down the road if you keep a few things in mind.
Know Your Assets
It is important to maintain all of your assets. Keep track of all important shared financial records and property. The process of dividing what was collected during your lives together is a difficult process, but necessary if you want a fair division of assets.
This applies to debt as well. It’s best to try and pay off shared debts before the divorce is final as they won’t be forgiven due to the divorce.
Let the Home Go
The prospect of moving out can be extremely disheartening but can make a huge difference when it comes to your financial stability. It’s a matter of logistics; the house you share with your former spouse was more than likely a shared purchase.
Simply put, it is a lot harder to pay for a house with a single income instead of a shared income. Property taxes, mortgage payments and general upkeep add up very quickly and it may be in your best interest to let the house go.
Be Ready for After
Make sure to have a plan to cover your expenses after the divorce. Once the marriage is terminated, your expenses will change. Whether you’re paying rent on a new place, food or childcare bills, cover these expenses on your own. On top of that, make sure you can pay for any unforeseen expenses.
Your divorce does not have to be devastating. At Barrera, Sanchez & Associates, P.C., we’re ready to help your divorce go as smoothly as possible. For more information on our services, contact us online or call us at 956.287.7555.