Thursday, August 29, 2013

Preparing For A Divorce Financially

By Michael Schomp


Getting a divorce is something you might not have ever envisioned. When you made the decision to spend the rest of your life with your spouse, you were probably caught off guard upon finding out that they want a divorce. The emotional implications of such a serious decision can be overwhelming, especially in the early stages. This leads to more fighting and a lot of wasted cash as you hash out your differences in family court. Planning for the future is difficult, but there are ways to save money and protect yourself financially throughout the process.

Hire a Divorce Attorney

Finding a divorce lawyer is the first step you'll want to take, and you want to to do so while considering the quality of representation relative to the price. Many lawyers charge hundreds of dollars per hours, while others charge far less. It's important to find a divorce lawyer that you can afford, but you should never sacrifice quality just to save an extra few dollars.

Mitigate the Discovery Phase

You'll want to have your attorney give you a list of the documents that you need to gather, and then you can save money by rounding them up on your own time. If it is something that you can do, you are basically saving their rate per hour for all of the time that you spend hunting down documents and getting copies.

It's important to establish expectations when looking for a divorce attorney and for you to work closely alongside your counsel to formulate a strategy that works in your best interests.

Know Where You Stand Financially

A major component of the divorce consists of splitting up the assets in a way that's fair for all parties involved. For the best results, it's crucial that you keep accurate financial records detailing your income, your assets and your past tax liabilities. This helps the court accurately determine which spouse is entitled to what. The process can be heated, but it's necessary to get a equitable outcome.




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