Imagining the prospect of going through a divorce is difficult, but taking the time to review your assets and your financial position ahead of time can be incredibly beneficial in the long run. If you believe that your marriage is moving towards a divorce, there are certain steps that you can take to help protect yourself financially.
It is important to start out by getting organized. Showing up ready and well informed will be in your benefit and can help you negotiate positive terms of your divorce. Start by reviewing all of your bank statements, tax returns, investment documents and retirement accounts. Make a copy of everything, and keep this in a safe place that is easy to access when the time comes. Additionally, take careful inventory of your physical possessions including valuable jewelry, artwork, and other heirlooms. It can also be helpful to put together a list of all of these items so that you don’t forget anything. You will want to have a cohesive understanding of all of your assets at the start of the divorce process to be aware of what may have to be divided.
Who managed the household budget each month? Did you have your name on any of the bills? Do you have a separate credit card, or did you and your spouse share one? Did you take on any of your partner’s debt when you entered the marriage? Even if you have physical assets, like real estate, it’s a mistake to skip over a careful analysis of your credit history and credit score. Many people will be surprised to find that their credit is less than favorable. You don’t want to be surprised when you attempt to rent a new apartment or purchase a car to replace one you and your ex shared.
Is your current, single income enough to cover your monthly living expenses? To determine this, ask this question – how much do you (and your children) need each month to cover all of your financial obligations? To figure out this number, list out all of your expenses and compare this to your income. You’ll see if you are short or if you are okay with your current salary. Additionally, you’ll want to put some money aside for extra expenses such as a lawyer’s retainer, utility bills, and other living expenses just in case your partner is no longer willing to contribute to these while the divorce is pending.
When you’re facing a divorce, the prospect of dividing assets and coming out financially solvent can seem like an immense challenge. Speaking to an experienced attorney who practices family law can help you work through the situation in a way that allows you to gain confidence and perspective on your finances. The attorneys at the Law Offices of Piazza, Simmons & Grant proudly serve clients in the Stamford, CT area. We are here and ready to help protect your rights through the process of a divorce. Call us today at 203-348-2465 or contact us online to set up a consultation today.