The thought of getting a divorce can often seem daunting. From visitation issues to the legal process, navigating the end of a marriage has many hurdles to overcome. One of the most challenging issues in splitting up is the question of how the money will be divided. While a divorce is never a walk in the park, we’ve put together a few tips for preparing financially to end the marriage. By having a good, comprehensive grasp of your finances before you start the legal proceedings, you increase the likelihood of getting all that you deserve.
Have a Well-Documented Budget
When you divorce, the courts will want to know how much money both you and your ex-partner make along with your expenses. Before you and your spouse split, take several weeks or even months to thoroughly document all the money that you each bring in and what you spend it on. If you have children, it’s imperative that you show all the money that is spent on childcare, school supplies and tuition, clothing, and classes. By presenting a complete picture of your budget, the courts can better decide about matters of alimony and child support, along with how to split existing assets.
Look to the Past
We know you’re not supposed to live in the past, but where your financial situation is concerned, it might be the best idea. Get printed proof of your pay stubs from the last few years along with tax returns, account information, and debt details. You don’t want to wait to make copies of these important documents because, if your spouse chooses to hide them from you, it may be difficult for the court to make fair decisions or will extend your divorce process.
Wait to Make Financial Changes
As you’re preparing for a divorce, you may be tempted to rearrange your finances by changing your will or life insurance policy. While it’s understandable that no one wants to give their soon-to-be-ex the chance to get any extra money, you need to wait on these drastic measures until after the divorce goes through, or until you are given the go-ahead by a judge, in order to avoid alimony decisions from dragging on and potentially being accused of hiding assets.
Don’t Drain Your Bank
A lot of people have an overwhelming temptation to go drain their accounts so that they can get all the money and gain financial control. While this might seem like a solution, the courts are not going to look upon such a decision kindly. Avoid taking out large sums of money and instead continue to budget as normal until the court tells you otherwise in order to avoid owing said money to your soon-to-be ex-partner.
Contact a Professional Divorce Attorney
When you’re calling it quits on a marriage, it can be easy to turn to Google and family friends for legal advice. While you can learn a lot online, remember that divorce proceedings are not one-size-fits-all — divorces vary from one case to another. To ensure you get the money you deserve, it’s important to contact a professional Philadelphia divorce lawyer.
By preparing financially for an upcoming divorce, you can make the process more smooth and satisfactory for everyone involved. Contact our offices to learn about specific steps you can take to get your finances in order without making any mistakes!
The attorneys at Sadek and Cooper Law Offices have handled hundreds of divorce, custody, support, and mediation cases in Philadelphia and the surrounding counties of Montgomery, Delaware, Bucks, and Chester. We are also licensed in the State of New Jersey. Contact us today to schedule your consultation.