Divorce often results in a number of substantial financial changes in a person’s life. It is common to feel uncertain about what impact these changes will have on your life. One of the best ways to respond to the many financial issues that can arise during a divorce is to prepare carefully for the process. Obtaining the assistance of a knowledgeable family law attorney at the beginning of the divorce process can help make sure that you protect yourself financially while navigating this complex legal and personal landscape.
What Financial Issues to Anticipate
There are numerous financial issues that you should consider before pursuing a divorce. Some of these issues include your current financial health and earning capacity, which might result in lifestyle adjustments when faced with living off a single income rather than two. Many people have discovered that it is particularly helpful to avoid making decisions fueled by emotion and take practical steps to prepare for the future. The following are some steps to consider.
Prepare Your Financial Documents
While there are many important documents involved in the divorce process, there is an abundance of paperwork related to a person’s financial situation. You must make sure to gather all of your necessary financial documents including bank statements, checkbook registries, credit card statements, mortgage statements, retirement account balances, and tax returns.
Understand Your Income and Expenses
Many people who begin the divorce process are more focused on their emotional state rather than financial condition. It is critical, however, to understand the current financial condition of both you and your former spouse. While it might seem overwhelming once you determine exactly how much is needed to keep a household running, learning this information helps you take control of your family’s life and move forward more easily.
Find a Professional to Help
There are several important considerations when deciding which divorce professionals should help you navigate this difficult time. Some of the questions that will influence what type of assistance will work best include whether you and your former spouse are still capable of cooperating, whether your former spouse is hiding assets, whether you feel intimidated by your former spouse, and the well-being of any involved children. Some people decide that collaborative divorce is a much more effective process than divorce. While some divorce options are most costly than others, by deciding what the costs will be now, you can better prepare for what lies ahead.
Remain Aware of Your Status During the Divorce
During the divorce process, you will likely receive numerous types of advice from loved ones who have your best interest at heart. While there are many people out there who will offer perspectives about what you should and should not do, it is important to monitor the ongoing status of your divorce, including your financial status, and make decisions that are best for you.
Speak with an Experienced Lawyer
The best way to reduce the financial complications associated with a divorce is to have a reasonable perspective on your future. If you are uncertain about how to plan for the financial issues that will arise, you should speak with an experienced family law attorney at Vayman & Teitelbaum P.C. today.