Contemplating Divorce in the New Year? We Can Help You Prepare
With the new year, people are making resolutions to diet or exercise, while you may be contemplating divorce. To celebrate national “Get Organized” Month in January, we have created a checklist to help you prepare for the tasks that lie ahead. We hope this helps you take control of your situation and know that you’re not alone.
Write down all sources of income.
Because a large part of the divorce process involves the assessment and allocation of finances, you should start making a list and include as much information as possible, such as verification information. For instance, when listing employment, make note of the employer’s name, address, and length of time employed. It is a good idea to have three years’ worth of income sources.
In addition to listing each of your salaries, be sure to include overtime, bonuses, and other income such as unemployment or disability payments, as well as income from investments or side jobs.
Also, while you’re reviewing your income, plan to set aside amounts for extra expenses such as legal fees and separate living arrangements.
Take inventory of your assets.
This is a good time to list all the property that you own, including real estate, bank accounts, retirement funds, investments, cars, furniture, anything that has monetary value. While you’re making this list, it’s helpful to indicate whether the property is something you had before you got married or acquired as a family gift or inheritance. These items may be considered your separate individual property that will not need to be shared with your ex. You should also write down account numbers and approximate values for major assets.
Make a list of all your debts.
The divorce process involves allocating all debts as well as assets. To be prepared, you should make a list of all debts with account numbers and the amount that remains to be paid, including credit cards, student loans, mortgages, vehicle loans, and money you may have borrowed from family or friends.
Decide what issues need to be resolved.
While it is often most effective for couples to reach an agreement on these issues outside of court, if they are unable to negotiate successfully then a judge will make the decisions.
Couples generally need to consider the following:
- How to divide assets
- How to divide debts
- Whether spousal support will be paid
- What is best for the children (e.g. custody, parenting plans, child support, etc.)
- Whether to seek separation, dissolution, or divorce
A dissolution is similar to a no-fault divorce, and the process eliminates many of the delays and expenses associated with divorce. However, parties must reach an agreement on all issues before filing, so they must be willing to negotiate fairly.
Your divorce attorney could help you compile a list of all the issues you will need to consider and resolve during the divorce process.
The mental, emotional, and physical strain of the divorce process can quickly take its toll on your health. It is important that you make time for your own needs and the needs of your family. Don’t go through this alone – find someone you can talk to or seek counseling. You may also find it beneficial to keep up with exercise routines and favorite rituals. The divorce may be a big part of your life at the moment, but it is not the only part. Lean on your support system.
Hire an experienced attorney that will help you find the best solution.
Divorce can be overwhelming. The experienced team at Batley Family Law understands how to guide you through these tough times whether it’s through the collaborative process or court. Contact us now for a confidential consultation to learn how we can help you move forward.
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I had a great experience at Batley Family Law. They assisted me with my case. They were excellent and ensured that my case was handled as efficiently as possible and always made me feel informed. This firm helped me through a stressful time. Would absolutely recommend this law firm.”
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