The Truth - the Winning Argument for Your Case

9 Apr. 2013

Preparing for Divorce: Looking After Your Money

Posted By The Buncher Law Corporation

Maybe you are researching about a potential dissolution of your marriage. If you do find it necessary to proceed with a divorce, you also know that there will be some tough days ahead. That's why one of the first things that anyone with experience will tell you is that preparation is essential. Rather than be overwhelmed, think about your priorities so that you can plan your actions rather than react to situations.

I'd like you to consider how you can look after your finances.

I often meet with clients who have only a general idea about their bank account balance. Though both parties in a divorce must provide financial disclosures and document their assets and debts, I think one of the smartest things a client can do is start to gather information about their finances before they initiate their case. Oftentimes, vital information is simply laying around the house and nowadays, most necessary documents can be tracked down online.

Things like recent tax returns, paystubs, and bank account statements can give you a general feel for your financial health. Trying to get a handle on what you and your spouse earn at work, how you invest your savings, and how you pay your monthly bills and expenses will help you think about how a divorce may realistically affect your finances. Consider taking a proactive approach with information-gathering: pay attention to the mail, keep account statements organized, hold on to pay stubs, and start to think about what you spend vs. what you earn.

More important, having a better handle on your financial affairs will help your attorney offer you straight-forward and fact-based advice. Arrive for your consultation with as much recent and relevant information as you can. This will give your attorney the ability to offer you advice based on your actual circumstances, calculate potential child support and spousal support figures, and it will help you contemplate what further work lies ahead.

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