Divorce can be a very emotional and lengthy process. Further, it can ruin each party financially as it can become a very expensive process. Below are a few guidelines that will assist you in avoiding some of the most common problems when going through a divorce:
1. The most important factor to determine before filing for divorce is whether there is any chance of reconciliation. A divorce not only wreaks emotional havoc on the parties but financial havoc as well.
2. If there exists any sort of violence in the marriage, then make sure this is documented and it may even be necessary to seek a Temporary Restraining Order (TPO) to keep your spouse from injuring you further. This will also assist in any custody disputes that may arise.
3. Next, you will have to file a Financial Disclosure Form (“FDF”) or other financial disclosure with the filing of your complaint. This allows the court to see a snapshot of the income versus the expenses along for you and your spouse. This is required especially when seeking alimony or child support. You may want to prepare a rough spreadsheet of your income and expenses prior to meeting with an attorney so you can discuss the possibility of receiving (or paying) alimony to the other party.
4. It is important to keep in mind that even though the parties want to stay in the lifestyle to which they have been accustomed, the court has to look at the finances and it will be more expensive to run two households than it is to run one. Therefore, depending upon your sitautaion, you may want to try to save some money to help you temporarily during the divorce, with either attorney’s fees or personal living expenses.
5. It is important that you try to find out as much as possible about your assets and debts. This is necessary so you have an idea as to what could be the best and worst possible outcome of the divorce. Further, it is important to know how your state divides assets and debts so it may be necessary to meet with an attorney to determine possible divisions. Most states will want to divide assets fairly and equitably so knowing what property is owned and what debts are due prior to meeting with an attorney will assist your attorney in giving you advice as to possible division of property and debts.
6. It may be necessary for you to meet with a financial planner to discuss different options that may help you maximize your financial outcome from the divorce.
This article is not legal advice and is not intended as legal advice. This article is intended to provide only general, non-specific legal information. This article is not intended to cover all the issues related to the topic discussed. The specific facts that apply to your matter may make the outcome different than would be anticipated by you. You should consult with an attorney familiar with the issues and the laws of your jurisdiction. This article does not create any attorney-client relationship.