It's unfortunate, but divorce is quite common in the U.S. The partner you once thought you'd be able to spend the rest of your life with might not show their true colors until after the marriage, or both you and your spouse might be splitting amicably due to irreconcilable differences. Almost 50% of all marriages in the U.S. will end with either divorce or separation. Before filing for divorce, you should speak with a divorce attorney to determine whether there is anything you need to keep in mind in regards to your assets. Here are 3 financial tips that can make your life a lot easier and protect your finances.
Know What Assets You Actually Want
Before filing for a divorce, make a list of all of the assets that you and your spouse owns. Take this opportunity to go down the list, and determine which assets you actually want to keep. For example, you might want to keep certain expensive heirlooms that were passed down from generation to generation in your family. You should also consider which assets you are willing to part with. Often times, disgruntled spouses get so caught up emotionally in the divorce that they waste a lot of time and money fighting over assets that they don't even want.
You'll want to give this list to your divorce attorney, so they know exactly what to fight for. Knowing what you value can also help a divorce attorney come up with a feasible and practical plan that will allow you to come out of the divorce with everything you want without having to put up a huge fight.
Choose the Date for Initiating the Divorce Wisely
The list of all of your assets will also come in handy when your divorce attorney tries to come up with a game plan. The date for initiating the divorce needs to be chosen wisely, as it can have profound effects on how assets are valued and distributed during the divorce. Generally speaking, the division of assets is usually determined by the date of the separation or when the divorce proceedings were first initiated.
Basically, if you're expecting some of your assets to gain a huge increase in value, you should initiate the divorce before then. This will help you protect your assets and will look out for your own best interest.
Make Purchases or Get Educated Before the Divorce
If you know you're going to need certain tools or assets before the divorce, you should definitely consider purchasing them before filing for divorce. Often times, the court will place a stay on your finances when you are getting a divorce. This means that you will no longer be able to access your finances during these tough times.
This type of advice is usually most helpful for when one spouse might need to get their own car during a divorce. If this applies to you, you need to make the purchase before you file for divorce. Your divorce attorney will help you get your finances in order. If you don't, you will not have an opportunity to purchase a car until after the divorce has been settled. You never know how long that might take.
One of the most important and difficult aspects of getting a divorce is having to manage and deal with your finances and your assets. Gather documents pertaining to all of the assets that you and your spouse owns before you speak to a divorce attorney. You need to give the attorney the full picture in order for them to be able to help you. To learn more, visit a site like http://www.liebmannfamilylaw.com/.