How to Achieve a Successful Divorce From a Financial Perspective, Part Three

If you’ve been following the series of articles by the Law Office of Bryan Fagan, PLLC, on achieving a successful divorce outcome, you’re likely already in the process of filing for divorce or strongly considering it. At this stage, this blog post is especially relevant for you in terms of finance. We’ll cover essential steps to keep in mind and work on as you begin your divorce case.

1. Start envisioning life without your spouse

Consider opening a credit card account in your name, not to rack up expenses or debt during your divorce, but to establish your credit history. If you’ve relied on your soon-to-be ex-spouse for financial support, you may lack a credit history of your own, which can hinder your ability to secure loans in the future, such as a mortgage. Using a credit card for small purchases and paying the bill in full each month can help build your credit score. Additionally, open a bank account in your name and deposit small sums regularly to maintain the account without incurring unnecessary fees. Begin to shift your mindset towards living independently.

2. Trust but verify: Request your credit report

While you may trust your spouse completely, it’s essential to verify their assurances, especially regarding financial matters. Request a copy of your credit report, which you can obtain once a year for free from the major credit reporting agencies. This report contains information about your open accounts, past lenders, payment history, and inquiries about your credit. An unexpected increase in credit inquiries could signal that your spouse has been seeking loans in your name without your knowledge or consent.

3. Budget wisely: Allocate every dollar that comes into your bank account

Consider this advice as though it were coming from a financial planner rather than an attorney. If you assign every dollar a specific purpose at the start of each month, you may discover more financial flexibility than you initially thought. Keep in mind that the divorce process may decrease your income, so understanding where every dollar goes and maximizing your earnings can help you attain financial stability.

4. Protect your separate property

In a recent case, our client owned a condominium near Lake Travis, and he wanted to prove that it was his separate property, purchased with funds from a personal injury settlement. The condo was a significant asset, valued at nearly $200,000, and its status as separate or community property would greatly impact his divorce outcome.

However, our client struggled to prove this because he lacked documentation showing that the condo was purchased directly with the settlement money. He provided documents he had created indicating the source of funds but couldn’t produce closing documents or bank transaction details.

Due to this, he opted to settle with his wife by offering her some money, even though he probably should not have had to pay her anything. Proper record-keeping could have demonstrated his sole ownership of the property.

If you have questions about financial preparation for divorce, please don’t hesitate to contact the Law Office of Bryan Fagan, PLLC. Our family law attorneys are available six days a week to meet with you and address your concerns. Thank you for reading our three-part series on achieving a successful divorce.

Ebook

If you want to know more about what you can do, CLICK the button below to get your FREE E-book: “16 Steps to Help You Plan & Prepare for Your Texas Divorce“

If you want to know more about how to prepare, CLICK the button below to get your FREE E-book: “13 Dirty Tricks to Watch Out For in Your Texas Divorce, and How to Counter Them” Today!“

Get this FREE download about what you need to know before filing for Divorce.

Other Articles you may be interested in:

1. Divorce when economic times are tough
2. How to achieve a successful divorce from a financial perspective, Part Two
3. How to achieve a successful divorce from a financial perspective
4. How a mortgage is handled in a Texas Divorce
5. Should I Hide Money from my Spouse to Get Ready for my Texas Divorce?
6. Why is Separate Property Important and How to Keep it Separate in a Texas Divorce?
7. What Wikipedia Can’t Tell you About Texas Divorce and Marital Property Division
8. Texas Divorce Property Division Enforcement
9. Separate Property in a Texas Divorce?
10. Does it Matter Whose Name is on Title or Deed of Property in a Divorce in Texas?
11. Is Social Security Considered Separate Property in a Texas Divorce
12. Business Owners and Business Assets in a Texas Divorce
13. What to do when your divorce decree does not include a marital asset?

Law Office of Bryan Fagan, PLLC | Houston, Texas Divorce Lawyers

The Law Office of Bryan Fagan, PLLC, routinely handles matters that affect children and families. If you have questions regarding Divorce, it’s essential to speak with one of our Houston, TX Child Divorce Lawyers right away to protect your rights.

Our Divorce lawyers in Spring, TX, are skilled at listening to your goals during this trying process and developing a strategy to meet those goals. Contact the Law Office of Bryan Fagan, PLLC by calling (281) 810-9760 or submit your contact information in our online form. The Law Office of Bryan Fagan, PLLC, handles Divorce cases in Houston, Texas, Cypress, Klein, Humble, Kingwood, Tomball, The Woodlands, the FM 1960 area, or surrounding areas, including Harris County, Montgomery County, Liberty County, Chambers County, Galveston County, Brazoria County, Fort Bend County, and Waller County.

Bryan Joseph Fagan( Attorney )

Bryan Fagan, a native of Atascocita, Texas, is a dedicated family law attorney inspired by John Grisham’s “The Pelican Brief.” He is the first lawyer in his family, which includes two adopted brothers. Bryan’s commitment to family is personal and professional; he cared for his grandmother with Alzheimer’s while completing his degree and attended the South Texas College of Law at night.

Married with three children, Bryan’s personal experiences enrich his understanding of family dynamics, which is central to his legal practice. He specializes in family law, offering innovative and efficient legal services. A certified member of the College of the State Bar of Texas, Bryan is part of an elite group of legal professionals committed to ongoing education and high-level expertise.

His legal practice covers divorce, custody disputes, property disputes, adoption, paternity, and mediation. Bryan is also experienced in drafting marital property agreements. He leads a team dedicated to complex family law cases and protecting families from false CPS allegations.

Based in Houston, Bryan is active in the Houston Family Law Sector of the Houston Bar Association and various family law groups in Texas. His deep understanding of family values and his professional dedication make him a compassionate advocate for families navigating Texas family law.