7 Sharp Financial Matters To Consider Before Filing For Divorce

When all hopes for reconciliation have been exhausted in a marriage, the partners are only left with one option: to get a divorce. Unfortunately, divorces put both emotional and financial burdens on families. If you own a business, you may want to protect your business through the divorce process. We understand that doing so will lead to an inexplicable emotional turmoil for the entire family. However, for the well-being of the relationships after the divorce, you should look into the following matters beforehand.

Attorney Costs

For a fair divorce to take place, you need a qualified attorney. However, highly skilled attorneys typically cost large sums. This means you shouldn’t just rely on the first attorney you go to. Get some references and interview a couple of attorneys to figure out who should represent you in a court of law.

The infallible criterion for an ideal attorney is whether they are ready to look at the case through your eyes. Divorce Matters in Fort Collins is just one law firm who understands that divorce is sensitive and requires a level of compassion from the attorney representing you. Therefore, the best lawyers will listen to your expectations from the divorce and find ways to offer solutions that get you what you want.

Financial Documents

Once you’ve made up your mind to file for divorce, the first thing that you should do is get copies of all the documents related to your family’s finances. These may include shared online and offline interests, your personal mortgages, estate, or other documents that you feel qualify as finances. You never know how your spouse is going to react to receiving a divorce notice and they might not be willing to share the documents later on. Therefore, make sure you have all these documents ready with copies.

Transfer Of Assets

Before you begin with the divorce proceedings, make sure that you make all necessary real estate investment choices, sales and purchases beforehand. This is because, most jurisdictions will bar you from entering transactions related to material property once a divorce starts — to make sure that you don’t drain your joint bank accounts.

However, if you drain all the bank accounts out of spite before filing for divorce, you might still face consequences. You are only advised to make necessary purchases that have been pending for a long time such as updating the car, selling a rental property, and so on.

Living Situation

Before filing for divorce, it is advised to discuss your living situation with the attorney too. You need to figure out whether you are going to live in the same house as your spouse during the divorce, or if you want either your spouse or yourself to move out. Financially, you may have to support yourself depending on the cost of living in your area. Even though it might seem difficult to live in the same house as your spouse now, it might play an important role in helping the court decide whether you retain your right to live in the residence post-divorce or not.

Custody Of Children

Your children will be worst affected by the divorce as now they will have to be on a schedule to meet their parents. Then again, a schedule is better than not having the chance to see one of them at all. Therefore, it is advised to discuss the custody of your children prior to filing for divorce. This may impact your business or employee schedule conflicts that could lead to a loss of income. Plan your custody carefully with your schedules in mind. In the end, even though divorce is tough, it is better accomplished with mutual understanding between two partners rather than ugly fights.

Joint Bank Accounts

Moreover, you need to consider the joint bank accounts that you and your spouse have together. Many couples close their joint accounts when they decide to get a divorce. Those who leave their accounts open put themselves at risk. You ex-spouse has the ability to run up bills under your name if you still have an account open together. They can even take all of the money you saved together out of the account without informing you. For these reasons, your joint bank account is a crucial financial matter to consider before filing for divorce.

Building Your Own Credit

Another matter to consider before filing for divorce is your personal credit score. Prior to signing those divorce papers, establish credit in your own name. People who fail to do so struggle to build credit in their own names after the divorce is finalized. Apply for a credit card yourself, keeping components like interest rate in mind. If you start building your own credit before getting a divorce, you will set yourself up for a bright financial future.

Before filing for divorce, think of your financial future. One of the most significant factors to plan out is how you will pay for discussions with your divorce lawyer. Consider your financial documents, asset transfers and your living situation as well. Talk about custody of children and joint bank accounts before making the divorce official. Finally, establish your own credit before filing so that you can do so easily. These are important financial matters to consider before filing for divorce.

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