It can be overwhelming to think about an impending divorce. Not only can the prospect of ending a marriage seem emotional, there are also a number of other obstacles that must be navigated during the divorce process.
While there are some aspects of divorce you cannot prepare for, it is possible to prepare for some things. This article reviews some of the helpful strategies that you can follow while your divorce is still new to get ready for what lies ahead.
Gather Relevant Paperwork
One of the best steps to take to prepare for a divorce is to gather together all of your family’s important documents. During this time, you should make sure that you keep the paperwork together and organized.
Some of the documents that you will likely need to collect include bank account statements, credit card statements, estate planning documents, income tax returns, insurance policies, loan documents, pay stubs, real estate deeds, and retirement accounts.
Consider How Property Might be Classified
One of the other helpful steps to follow when preparing for divorce is to anticipate which of your assets as well as debts will be classified as marital versus separate property.
Most property and debt that is acquired during a marriage is classified as a marital property that will be divided between spouses during the divorce process.
Assets that a person acquires before a marriage are categorized as separate property, which means that this property will not be part of the division of assets phase that accompanies divorce.
Consider What Costs You Will Likely Face in the Future
Not only is it is a wise idea to prepare documents, it is also a good idea to jot down some details about your family’s debts and ongoing expenses. These notes should include information about your costs for clothing, entertainment, food, gas, home maintenance, and any other expenses.
Understanding these details will likely provide you with a better understanding of what costs you might end up facing after divorce so you can make sure you ask for what you need in your divrce settlement.
Avoid Making Big Financial Decisions
The divorce proceeding will have a substantial impact on your financial future. While it can be exciting to consider the prospect of being single again, you should avoid making big economic decisions until the divorce process is finalized.
If you decide to change things like beneficiaries, wills, or retirement accounts, these documents might later be impacted by the terms of a divorce.
If you simply cannot wait, you should begin to consider various plans and alternatives, but refrain from taking action until your marriage is over.
Speak with an Experienced Divorce Lawyer
The divorce process is complex, but fortunately an experienced family law attorney can help you prepare for what lies ahead.
Contact the experienced divorce lawyers at Vayman & Teitelbaum, PC today to schedule a free consultation.