If you are considering divorce, you may be overwhelmed with decisions while working through the complex feelings and emotions associated with ending a marriage. At ROAD to RESOLUTION, we are committed to practicing Collaborative Family Law, which has many benefits during divorce. Our legal team is here to guide you during this time of change.
In addition to pre-divorce education opportunities, it is important to prepare yourself for the journey ahead and future meetings with your Collaborative Divorce attorney. This includes gathering documents that you will need during the divorce process, such as financial statements and documents. Let’s take a look at some valuable tips to help you prepare for the road ahead during your out-of-court divorce:
1. Gather The Documents You Need to Assess Your Financial Situation
As soon as you and your spouse start discussing divorce or formally separating, start gathering documents related to your finances. These relevant financial documents will allow you to understand your assets and liabilities, which will help give you the clarity you need to move forward.
Bank statements: Collect statements from all bank accounts you and your spouse hold, including checking, savings, and any joint accounts.
Tax returns: Obtain copies of your tax returns for the past few years. These documents provide information about income, deductions, and potentially valuable insights into financial assets.
Pay stubs: These documents detail current income, deductions, and other financial commitments like retirement contributions or health insurance premiums.
Investment account statements: Include statements from any investment accounts such as stocks, bonds, mutual funds, or retirement accounts (e.g., 401(k), IRA). These statements show current balances and any transactions that might affect the division of assets during divorce proceedings.
2. Assess Your Assets and Liabilities
When you meet with attorneys to discuss your divorce, you will need to provide detailed information on assets and liabilities for both you and your spouse.
Assets: Compile a list of all assets, both joint and individual, including real estate, vehicles, valuable personal property, and investments. Assessing your assets helps determine what might be subject to division during divorce proceedings.
Liabilities: List all debts and financial obligations, such as mortgages, car loans, credit card balances, and any other loans. Understanding liabilities is crucial for assessing financial responsibilities post-divorce and determining a fair division of debts.
Take some time to go through all the documents you've gathered which will provide a clearer picture of where you stand financially. Pay attention to any discrepancies in how assets are valued or any concerns you have about financial support after the divorce. This will help you plan for the future with more confidence.
Remember to Protect Your Credit Score
Divorce can impact your credit score, especially if joint accounts are involved. Monitor your credit reports regularly. Taking proactive steps to safeguard your credit will benefit you in the long run and prevent financial setbacks post-divorce.
Budget Strategically for Post-Divorce Life
For some couples, divorce might bring changes to financial circumstances, so it’s important to create a post-divorce budget that reflects your new reality. During a Collaborative Divorce, spouses work with their attorneys and financial experts to create a financial plan that makes sense for all parties involved. This element of divorce is unique to Collaborative, which is why it is a popular choice for couples who want to handle their divorce in a non-adversarial manner.
Get Compassionate, Experienced Guidance from a Charlotte Divorce Attorney
Mediation or Collaborative Divorce can be cost-effective and less adversarial approaches to resolve your divorce, including financial matters. ROAD to RESOLUTION can facilitate productive discussions between you and your spouse, leading to mutually beneficial financial settlements. These out-of-court alternative dispute resolutions can be a lower-stress path to separation that saves you time and money.
As you prepare your finances for divorce, remember that ROAD to RESOLUTION is here to support you every step of the way. Our knowledgeable team of Charlotte divorce attorneys is dedicated to helping clients achieve fair, equitable outcomes through clear communication.
Contact ROAD to RESOLUTION today to schedule a consultation and discover how we can help you through your divorce. We’re here for you along your road to resolution. Reach out to us now.
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