Brandon Young Bell

Contact Brandon Young Bell for a Consultation
Phone: (972) 668-1462
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Address: 38 1st Street NW, Paris, Texas 75460

Financial Decisions

A divorce can and often does cause financial crisis. The reasons are not a mystery and the causal factors can have an adverse cumulative effect. Divorce alone can be stressful to the point of causing an otherwise responsible adult to neglect the obligations of everyday personal matters. Also, marriage tends to allow the separation of duties such as paying bills and reconciling bank statements. The breakdown of communication in a relationship can cause confusion or even disregard for these responsibilities. It may be necessary for a divorcee to educate himself or herself in matters that may seem elementary to some. The amount paid to an attorney is often significant, thus adding to the financial setback that occurs during divorce. These, along with other reasons cause the need for a reassessment of one's financial conditions.

Planning for financial security should begin at the earliest stages of divorce. Although divorce normally causes a huge emotional burden, a realistic assessment of the financial situation may require detachment from the emotional strain. Begin by taking inventory of all assets and liabilities. Then create a budget and stick to it. It is advisable to obtain a credit report before and after divorce to have a clear understanding of the obligations created by both spouses. Notify any creditors of revolving credit (e.g. credit cards) that you no longer wish to be an authorized signer on any joint accounts. Creditors will not care that you are divorced if they can hold you jointly liable for the debts your spouse has created. Also, do not let a divorce ruin your job or career by allowing depression or preoccupation to mire you in your employment obligations. However difficult the emotional strain may be, the collateral damage you allow will likely be regretted in the future.

Brandon Young Bell

Areas of Practice
  • Family Law