If you are ready to end your marriage, you may want to jump right in to divorce proceedings so you can get it over with and move on. While feeling that way is understandable, acting on that feeling may be a mistake. You and other Kentucky residents in your same position can benefit by making sure you take the proper steps to prepare for your divorce before pulling the trigger.
An article released in 2018 compiled a list of actions various attorneys from across the country believe anyone considering divorce should do before filing. Following the information provided can help people achieve fair and balanced divorce agreements as well as have a positive impact on their financial positions post-divorce. So, what might you want to do to prepare for divorce?
Step number one: Set up personal lines of credit and create a budget
Believe it or not, divorce can do a number on your credit. As you do not know exactly how it will affect you, it is wise to set up your own personal lines of credit so you have them available after officially dissolving your marriage. It is also wise to create and follow a budget so you have a good idea of what it will take financially to live post-divorce.
Step number two: Find information on all assets and debts
In many marriages, one spouse handles the financial affairs. The other may not be aware of what assets and debts he or she shares with his or her spouse. This lack of information can hurt you in the long run. Before filing for divorce, you can help yourself by finding out what you have and what you owe so you can get an idea of what you may walk away with and what you might be responsible for paying. You can do this by:
- Checking your credit report
- Looking through your mail
- Reviewing account statements
In some cases, hidden assets may be a concern. A forensic account will know where to look to make sure all assets are on the table before property division takes place.
Step number three: Seek the right guidance
As the divorce rate in this country is relatively high, chances are you know someone who has been through the divorce process. Individuals may willingly offer you advice. There is nothing wrong with that, but you may want to remember that your situation is different than theirs. How your divorce settlement works out will be unique to your needs. Legal counsel can look at the specifics of your case and give you a realistic view of what you can expect out of the process.