• 12
  • August
    2010

If you have been involved in contentious legal proceedings regarding the end of your marriage, you will undoubtedly feel an overwhelming sense of relief once the judge signs the final divorce decree. Finally, you will be free from the constant stress and emotional turmoil, and able to focus on the next chapter of your life. 

While your future financial interests and legal interests are probably the furthest things from your mind in the wake of your divorce, it is still very important that you eventually take the necessary steps to protect them.

Today's post will explore two areas where prompt post-divorce action should be taken ...

Financial Planning

In light of your newly single status, it is imperative that you take time to account for your adjusted means and any other significant changes in your financial status.

Accordingly, any post-divorce financial planning should take care to address the following issues:

• Creating a responsible budget based on your new income, whether this includes spousal support/alimony and/or employment income. Please note, it is very important that your new budget accounts for any outstanding debts.

• Considering the purchase of disability insurance, long-term care insurance and life insurance (if applicable). This is an especially important consideration if you have children.

Please note, under Texas law a former spouse is automatically revoked as a beneficiary upon divorce (See Texas Family Code - Section 9.301)

• Establishing your own checking account and savings account, as well as setting up a credit card. This will help you establish your own strong credit rating.

Legal Documents

In addition to financial planning, you will also probably want to revisit your legal documents after your divorce. This includes your will, durable power of attorney and/or living will.
It is important that your assets are distributed according to your exact wishes and that all of the desired legal mechanisms are in place.

The following post is provided for informational purposes only and is not to be construed as legal advice. Be sure to contact a legal professional if you have questions or concerns regarding a family law matter.

Related Resources:
  
• Many Financial Hurdles Remain After a Marriage Ends (WVNS-TV)