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Divorce planning can help set a stable financial future

Some individuals finds checklists and written plans to be helpful when they face a complicated task. When one sets a plan down in writing, and spells out important details, the plan is more likely to go according to written expectations. At the end of a marriage, careful divorce planning can help a person review the most important details that should be attended to. In Texas, individuals often choose several items to add to a post-divorce checklist. 

Finances can be firmed up by completing tasks such as checking one's credit. If the person shares any credit cards with the soon-to-be ex, he or she may choose to cancel them and sever credit ties. Another place where an ex can be found lingering is in an estate plan, insurance policies and other accounts in which there is a named beneficiary. Part of planning for a divorce can be to identify and change the beneficiary for these types of accounts. 

Splitting retirement accounts may be part of a person's property division at the end of a marriage. When it is time to do so, a person will likely want to ensure that the correct forms and methods are used in order to diminish tax impact and penalties. A clear plan will also help to ensure that any child support or spousal support payments are made on time and efficiently. 

A short article can only begin to point at the full picture of what may be needed for a divorce planning checklist. There are other cards at play in many divorces, and a thorough review can help an individual complete the important tasks. In Texas, many choose the knowledgeable assistance of an experienced family law attorney for more help with this task. 

Source: Forbes, "A Checklist To Help You Manage Post-Divorce Finances", Jeff Landers Share, Feb. 12, 2018

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