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Managing money after a divorce

A divorce can have many financial ramifications for a Texas resident after it occurs. After the marriage has ended, it may be worthwhile to talk to an insurance broker to update the list of assets that should be covered. The last thing people may want to do is pay to insure assets that they no longer own.

It may also be a good idea to title joint assets in the name of the person who now owns them. This may mean that assets are titled in the name of the person who acquired them or titled in a new trust created by the sole owner. An important step toward establishing a separate credit identity is to apply for a new credit card in the name of the cardholder only.

Doing so ensures that only that person has access to the card and the former spouse cannot make any purchases without permission. It may also be a good idea to sell off valuable items to make money and to consider moving out of the home. Both of these steps make it easier to move on from the previous marriage. Selling items to raise money may also make it easier to pay bills and other expenses that an individual may not be used to paying yet.

Property division is often one of the most contentious aspects of the divorce process, as it can help determine how and where a person will live after becoming newly single. An attorney can often be of assistance to a divorcing client in negotiating a settlement agreement that protects the client's future.

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