Going through a divorce can be incredibly stressful, and it can become even more complicated if you and your spouse have shared finances. Before considering divorce, it is important to understand the financial implications of splitting up. Knowing the financial details of your marital assets and liabilities will help you make better decisions regarding your divorce settlement.
The first step in preparing your finances for a divorce is to gather all relevant financial documents. This includes bank statements, investment account information, credit card statements, tax returns, insurance policies, and any other financial documents that might be helpful in understanding your overall financial situation. You should also arrange for copies of these documents to be made for you and your attorney. Having these documents on hand will give you an accurate picture of where you stand financially and allow you to make educated decisions about the division of assets during the divorce process.
Once you have gathered all of the relevant financial information, it is important that you create a separate bank account in your name only. This will ensure that any money coming into or out of the account is yours alone and cannot be taken by either party during or after the divorce proceedings. It is also important to keep track of all transactions made from this new account so that they can be accounted for during the division of assets in court.
Another key factor in preparing for a divorce is understanding all marital debts shared between yourself and your soon-to-be ex-spouse. It is important that both parties are aware of which debts are held jointly versus those held individually as this will affect how they are divided during the divorce process. In some cases, one party may be responsible for certain debts while both parties share responsibility for others; it is essential that each party has an accurate understanding of their individual responsibilities prior to signing any agreements with their spouse or lawyer.
Divorce can be an emotionally charged time filled with difficult decisions that need to be made quickly and carefully. By taking the time to understand your marital finances prior to beginning any proceedings, you can ensure that both parties enter into negotiations on equal footing with an accurate understanding of their rights and responsibilities regarding marital debts and assets after separation. The attorneys at Ilvento Law are here to help guide you through every step of this process so don't hesitate to reach out today!