Steps to Take While Preparing for Your Divorce
In case you and your spouse can come to an amicable settlement on all issues minus the litigation, your divorce invariably become less costly and easier. However, if that cannot be accomplished, you need to ensure that you hire an experienced divorce attorney who is willing as well as capable of litigating your case in a court.
A major goal of any divorce process is to ensure that there is an equitable division of both assets and debts accumulated during a marriage. To make sure that you receive your deserved share, it is vital to know what is owed as well as what is owned by you. Thus, it is a 2-step process.
Ascertain what you own
There are some marital assets about which there are no doubts at all. It is obvious that any vehicles and financial accounts and the marital house are assets, which should be distributed equitably between the two concerned parties. However, there are some assets that may not be so obvious and can include items such as pension plans, belongings or inheritances that were accumulated or acquired during the course of a marriage, and artwork.
It makes sense to list down all the possible assets. Collect all relevant documentation related to all the assets along with details like where and when the assets were bought, their current values, and if they were purchased jointly or individually. It is imperative for you to keep a copy of recent appraisals of your real estates. Show all the documentation to your lawyer. However, you should maintain a separate copy for your convenience.
Ascertain what you owe
While ascertaining what you need to pay, it is immaterial who has taken the debt. Any marital debt will be divided on the basis of which party is financially more settled to be able to pay off the debts. It does not matter the debt is in whose name. The simplest technique to ascertain a marital debt is to fetch your credit report’s copy. All your existing debts are typically outlined in that report. After determining the details of debts that exist, you should procure statements on all those accounts where the due balance is reflecting. While your attorney should have this information, you should also have a copy of them for filing purpose.
Set up your own credit
In case you do not have any credit only in your name, it is high time you set up some as early as possible. This can be easily done by getting a credit card in your name alone and not owning one jointly. There are women who face a tough time buying their own car or house as they have been spending all their years without any sole credit in their names. While the credit that you had for all the past years with your husband will be helpful to him after you attain a single status, your credit will be very little to keep such payments up.
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