How to financially prepare for divorce

On Behalf of | Mar 23, 2021 | Family Law |

The saying, “An ounce of prevention is worth a pound of cure,” certainly applies to divorce. The more you prepare yourself ahead of time, the easier the process will be. And the less likely it will be that you will have to go back to get your divorce order amended after the fact.

While emotional preparation is a big part of getting ready for divorce, we will discuss preparing for asset division in this post. The steps you take before informing your spouse that you want a divorce and going to the courthouse in Alexandria to file can have a big impact on how much of the marital property you walk away with. Here are some steps to consider taking before revealing your plans to your future ex.

Gather and organize your financial documents

You and your divorce attorney need to know as much about your marital property as possible to prepare a strong negotiation strategy. Get copies of the most recent statements from your bank, credit card companies, investment broker and other assets. Also get the most recent debt information, such as for your mortgage and student loans. Finally, your most recent tax returns are important, especially if you and your spouse filed jointly. They can reveal assets your spouse has been keeping secret from you.

Get a copy of your credit report

It has probably been a while since you have had a credit report done. Now is the time to know your score and if there are any debts on there you did not know about. A temporary freeze on your credit file would stop your spouse from taking out new lines of credit that the creditor could go after you for someday.

What are your priorities?

Take some time to think about what is most important to you, financially speaking. Do you want to keep the house? Do you want to keep the family business operating in your name? Will you be able to support yourself financially or need assistance from your ex

Discuss these goals with your attorney to help them customize a strategy for you.