Getting Your Finances in Order Before a Divorce
Finances play an integral role in your everyday life. Thus, when there is a life-altering decision being taken such as getting a divorce and ending the marriage that has been a source of connection between the two of you, it is only natural that finances will be at the forefront of your Orange County divorce proceedings.
Getting your finances in order is especially important for couples who have a large amount of assets or debts. In marriage, it is important to note all the assets that were brought into the marriage by the individual spouses are unaffected by divorce but assets that are jointly owned by the couple are subject to division is a divorce.
If you want to protect your interests through the divorce process and claim what is rightfully yours, it’s better to hire an experienced divorce attorney. When hiring a lawyer, some people tend to have the misconceptions that lawyers cost a ton of money and in reality whatever your lawyer costs, that amount will be significantly less than the amount you’ll lose with uneven distribution of your joint assets.
Here are two ways to get your finances in order before a divorce to avoid complexities in the future.
Gather All Your Financial Documents
The first thing that should be done before starting your divorce case is getting all your financial files and facts together to be able to view your overall financial picture. This process of having all the assets in front of you in black and white will help in the better division of the assets when agreeing with your spouse. It is advisable for you to get copies of all your financial documents before the couple separates so you won’t have to waste time and money to get copies of your own financial documents.
A List Of All The Expenses Should Be Made
When making a list of your finances, it is recommended that you make a list of all the costs that you have to face financially. These costs can be insurance costs, outstanding debts, daycare costs etc. These and several other costs should also be carefully and accurately listed when you are listing your assets. This helps in the financial distribution decisions.
Gathering all these financial resources can be a cumbersome task, which is specially the case if you and your spouse live apart or if you don’t reside in your marital residence. The most important aspect to keep your finances in order through a divorce is having the know-how of financial aspects of your relationship regardless of who pays the bills. In many divorce cases, spouses can try and cheat the other by hiding or misleading the assets from the other but having clear knowledge of these issues will make that task next to impossible.
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