When a marriage begins to fall apart and divorce is on the horizon, the complexity of the challenges ahead can be overwhelming. However, proper planning begun early on can allow you to make effective financial and legal choices for both you and your family. Below, our blog outlines several steps that you can take in preparation for a divorce.
Six steps to take to prepare for a divorce:
- Get organized: Creating a system for documenting and storing information related to your divorce can be invaluable during legal proceedings. Having an intimate knowledge of what documents you have and where they are can also work to avoid delays in your case. It can be tremendously frustrating to desperately need a document and be unable to find it.
- Get your own copies: Do your best to see that you have your own copies of all relevant documents and evidence. This can include information such as tax returns, bank statements, insurance policies, and mortgage documentation. If discrepancies arise at any point during the divorce process, having your own copies of all documents can help you to be ready.
- Document your assets: The financial aspects of a divorce are often among the first to come into dispute and knowing precisely what you own is vital during the division of property. Take actions that will help to establish a paper trail for an items existence and total value. For example, if you have valuable collectibles, pictures and video can provide evidence as to their exact condition.
- Understand your spouse’s finances: Just as it is important to know what you own, it is vital to understand the earning potential of your spouse. What credit cards do they have in their name? What is their yearly salary? Do they have any outstanding loans? Knowing the answers to these questions can help ensure that you receive a fair settlement.
- Have a plan for debt: Along with the division of assets, the distribution of debt is often a central issue. Consider whether it makes sense to pay off shared debts before a divorce. Likewise, be sure to verify which debts, if any, were incurred before a marriage began.
- Contact an attorney: The financial considerations of a divorce can be tremendously complex and can be easily misunderstood by the average person. Consulting with an attorney can make a vital difference to your case. A lawyer can be your trusted advisor, helping you to protect your interests.
Anticipating a Divorce? Call (703) 935-4222
The steps you take in the preparation for divorce can drastically affect the outcome of your case. If you and your spouse have experienced irreconcilable differences, do not hesitate to contact the lawyers at Malinowski Hubbard, PLLC today. Whether you are seeking a solution through mediation or are anticipating a courtroom battle, our Fairfax divorce attorneys can provide the legal guidance you deserve at each step of the process.
Get your questions answered by requesting an initial consultation with our firm.