Preparing For Divorce

There are times when a marriage breaks down and the relationship is going down the wrong path. After getting counseling and trying to save the marriage, some couples may eventually decide when enough is enough. When all else fails, then getting a divorce may be the next move.

Going through a divorce is painful for both parties. It signifies a relationship that may no longer work under the circumstances. There are many valid reasons why people go through a divorce- domestic violence, cheating, irreconcilable differences, or prolonged animosity towards each other. Whatever the reason and circumstances may be, it is important to prepare for the impending changes brought about by a divorce. Here are some of the things to prepare for.

Determine your financial worth and properties.

In every divorce, expect a split of the conjugal properties and assets. Try to make up a list of assets and properties, including financial accounts as well as other not so obvious assets such a pension plans, inheritances and others previously owned and brought into the marriage. All the assets must be properly documented with information such as the estimated value of the property, the amount paid for, date of purchase, and whether the property is bought with personal or joint funds. Hand over these documents to your attorney and keep a copy for yourself.

Take stock of your current debt status.

Aside from your properties and assets, you will also need to compute how much debt you currently owe. It does not matter who owes the debt. The overall total will be split based on who is more financially able to pay for them. The easiest way to take stock of all your debts is by getting a copy of your credit report. Any debt owed will be listed on the said report. Once you establish that you have debts to settle, you also need to obtain credit statements on all open accounts highlighting the balance due. You will need to turn over these documents to your attorney.

Determine your income.

You also need to provide documentation about your income as well as that of your spouse. If both of you are working, you may need to provide a copy of recent pay stubs as well as the latest Income Tax Return. Income may be difficult to determine if your spouse is self-employed. Make sure you have copies of bank account statements or business financial records. This will help in determining total income. Other information regarding business income will be handled by your attorney.

Be at your best behavior.

Make sure that you are always in your best behavior prior to and during the course of the divorce proceedings. Reckless actions can work against you in different instances. If you are about to go through a divorce and there are children involved, an arrest or any other citation may affect your chances of getting custody of the kids. Any signs of reckless behavior can also be used against you. Your soon-to-be ex may use it as ammunition to drive the courts into their favor. Be aware that you will be placed under the microscope during the course of the divorce proceedings. Be careful and avoid doing anything foolish.

 
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