Think you are ready to call it quits and file for a divorce? Before you make a quick trip to the courthouse or your attorney's office to get started on the paperwork, you should know that a divorce can get pretty complicated. If you want the process to be easier on you, it is a good idea to be fairly familiar with some of the things regarding finances that can come up in the filing process. The more familiar you are with the process, the easier the process will be overall. Here are a few things you should know about your finances before you file for a divorce.
Know your financial situation as a whole, and know it well.
You may have an idea of your financial situation as a couple, but trying to dissect two financial lives out of only one can be a real challenge. Create a detailed breakdown of bank accounts, both joint and singular, incomes for both parties (if you know your spouse's), and what bills and debts you hold in each of your names. The more you know about your entire financial situation, the less likely it will be that you are surprised by a judge's ruling that you take charge of specific debts or that your spouse is more entitled to a bank account than you are.
Know who is the primary provider between the two of you.
If your spouse makes a significantly greater amount of money than you do, they will be considered the primary financial contributor in the relationship. Why is this important? It could mean that you would be entitled to spousal support payments in some situations, or if you are the primary provider, it could mean you will be responsible for spousal support, alimony, or even an elevated child-support amount.
Know what your assets are and who they will most likely be associated with during the divorce.
If you own a home and both of you are joint owners, this will be an important factor through a divorce. If you owned a car before the marriage and still have it, this property may be rightly deemed yours. All of your property, whether it is personal belongings, vehicles, or business property, will be a part of the divorce proceeding. The more information you already know about the shared and individual assets of the marriage, the better equipped you will be to understand the rulings once the divorce is finalized.
Consult a law firm such as Gordon Liebmann Attorneys at Law for more personalized advice.Share
30 August 2016
When I started my first small business, I had no idea how much I really didn’t know. I was fully prepared to deal with customers, sell product and even handle complaints and returns. What I wasn’t aware of was that there is so much more to it. I was lacking the legal expertise to protect the company and myself. I wanted others to benefit from my experience, mistakes and lessons learned, so I started this blog. From employment law to the legal business contracts you’ll have to sign when you form partnerships, business law is complex. I hope that the information here will help you to be better prepared when you start your business so that you’ll know when you need to call an attorney and when you can handle things yourself.