There are few processes in life more devastating, emotionally and financially, than a divorce. With proper preparation though, a divorce doesn’t have to be so painful. If you follow a few helpful steps in preparing for your divorce case, you’ll come out on the other side with a clearer view on a happier future.
Separate Non-Marital Assets
Depending upon the length of your marriage, you are bound to have a wide variety of assets. These likely fall into one of two categories: marital and non-marital. Generally speaking, non-marital assets are those things which you as an individual brought into the marriage ahead of time. Common examples include inherited property from your family, proceeds from a personal injury you sustained, or gifts given directly to you as an individual. Separate these items ahead of time to protect them during divorce proceedings.
Prepare Financially
Whether you and your spouse have separate accounts, joint accounts, or a mixture of both, USA Today recommends that you meet with an advisor to prepare financially for a divorce. You should focus on any bank accounts, investments, or retirement holdings that you hold jointly to determine the total value of assets you hold as a couple so you know what to aim for in your settlement.
Gather and Copy Documentation
Marriage and married life comes with a lot of documentation. Everything from your marriage certificate to home and auto titles is going to be important during your divorce proceedings. Both parties are entitled to copies of all vital documentation from the marriage, so protect yourself ahead of time by gathering that documentation and making copies for you and your legal team to have during the divorce proceedings.
Take an Honest Look at the Situation
Military.com suggests that couples facing a divorce take a moment to determine the type of divorce that is impending and prepare for it mentally. Is your divorce likely to be bitter, or can you settle things on amicable terms? Preparing mentally for the challenge that lies ahead is equally important to any financial prep you may perform.
Consult a Lawyer
Last but not least, you should consult with a divorce lawyer. Whether you believe you’re headed toward an amicable divorce or a hostile one, it is important to have a legal expert on your side who can help ensure that your legal rights are protected from start to finish.