Preparing For Divorce

It is a wise idea to visit different attorneys before hiring one so you can get a feel for which attorney will best suit your needs and personality. Remember an attorney will appreciate the need for a rapid settlement and they should go to bat for you when needed. Read on to learn more.

Assets And Liabilities

Financial assets as well as belongings, including vehicles may have to be split. Find out their current value and whether the purchase was made by one party or was a joint purchase and give this info to your attorney. Debt will be divided by who has the most means to make payments. Your credit report will include your debts, so give that to the attorney as well and likewise with any outstanding debts you have not yet sent to collections.

Income

Both parties need to make their income details available. This includes pay stubs and tax returns. In the case of self-employment, you can use statements from bank accounts.

Divorce Budget

You need to have a budget plan for when the divorce has been finalized. You may have to make some estimates, but it will give you a framework to go from. It may also be handy if you need to attend court.

Joint Credit Accounts And Joint Bank Accounts

Close any joint credit accounts before starting the divorce process. You can offer less of a payment to settle accounts and get an email from the creditor to show it has bene paid in full and will not be reported negatively to the credit agencies. You also should pay off any joint credit cards and no matter how tempting it may be, do not hide money from the other party or take any amount greater than fifty percent from any joint bank account.

Do Not Move Out!

Unless you are in an abusive situation, do not move out. Especially if it means the other partner will be paying the mortgage., If you do move out make sure you have evidence of contributions you make to the mortgage. Similarly, it may benefit your child or children if they can remain in the home so they can continue attendance at the schools they were attending prior to the divorce process getting underway as well as giving a sense of security to their living situation. Obviously, if you think you or the yare in danger of being victims of abuse, a different approach will be needed, and an attorney can help you handle any ramifications from that during the divorce process.