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How to properly manage finances in a divorce

Texas residents and others who are going through a divorce may find that it is an expensive process. Among the most common costs are hiring a lawyer and losing potentially valuable assets when marital property is divided. Furthermore, it may be more difficult for someone to live on a single income after leaving a relationship. While hiring an attorney may be expensive, doing so may help protect an individual's rights and stop a spouse from possibly releasing personal information.

It also may be a good idea to close joint accounts as well as for an individual to order a copy of his or her credit report. This may prevent one spouse from opening a new account in the other's name. Another way to protect assets is to gather all relevant information about them. A person should note the type of account, where it is held and how much it is worth.

If possible, individuals who are thinking about getting a divorce should make sure their names are placed on property deeds. They also should take time to update their estate plan and review beneficiary designations. Another step is to make a financial plan for the future. Ideally, this will take into account whether a person is paying or receiving alimony or child support.

Those who are going through a divorce may have a hard time handling their emotions. This may make it harder to make prudent financial decisions. However, by talking with an attorney, it may be possible to have an objective figure review the case. A lawyer may use state law and the facts in a case to help a person receive spousal support or a higher share of marital property in a divorce settlement.

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