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Divorce can have long-term impact on financial situation

On Behalf of | May 16, 2019 | Divorce |

When people get divorced in San Antonio, it is natural for them to be concerned about their finances. The reality is, the decisions made during divorce can have long-term implications — good or bad — for an individual’s financial situation after the divorce. Fortunately, a few tips may help divorcing individuals to make wise financial decisions that will help them in the long run.

First, after filing for divorce, individuals may want to check their credit scores right away, as this will give them an idea of what their buying power will be in the immediate future. It will also give them a glimpse at any outstanding debt they have, which may come into play during the property and debt division process in their divorce proceedings. Checking credit scores every quarter is generally a good idea for any divorcing individual who specifically would like to improve his or her scores.

In addition, coming up with a budget can be helpful after a person has filed for divorce. For a budget to be effective, the divorcing party should know what his or her monthly earnings and expenses are. Part of the budgeting process should ideally include investigating ways in which to save money on a monthly basis.

Dealing with finances during divorce can understandably be a stressful ordeal. The good news, though, is that an attorney can help divorcing individuals to make educated decisions about matters such as asset distribution and spousal support, which will affect their financial situations long term. The attorney will push for the most favorable outcome for a client, given the circumstances surrounding his or her divorce in San Antonio.