Friday 13 September 2013

Financial Preparation For Divorce

By Michael Schomp


You don't plan to get a divorce when you're married. For this reason, many people are caught off guard upon finding out that their spouse wants a separation. The unexpected nature of the divorce decision can lead to tension in the relationship. Which leads to a difficult and expensive divorce. While it's difficult to be fully prepared for divorce, there are steps you can take to help yourself financially throughout the process.

Find the Right Family Attorney

Your first step should be to look for and locate a divorce lawyer or family attorney who can meet your specific needs. Prices for divorce lawyers vary wildly, so you'll want to make sure you find an affordable lawyer who doesn't compromise on quality. This can be difficult and take some time, but it's worth it in the long run when it comes to setting yourself up for divorce success.

Mitigate the Discovery Phase

You'll want to have your attorney give you a list of the documents that you need to gather, and then you can save money by rounding them up on your own time. If it is something that you can do, you are basically saving their rate per hour for all of the time that you spend hunting down documents and getting copies.

It's important to establish expectations when looking for a divorce attorney and for you to work closely alongside your counsel to formulate a strategy that works in your best interests.

Know Where You Stand Financially

A major component of the divorce consists of splitting up the assets in a way that's fair for all parties involved. For the best results, it's crucial that you keep accurate financial records detailing your income, your assets and your past tax liabilities. This helps the court accurately determine which spouse is entitled to what. The process can be heated, but it's necessary to get a equitable outcome.




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