Things to know before a divorce

Planning for a Divorce

It’s that time of year again, the time in between summer and the holidays when commonly more people decide to start divorce proceedings. You may have been considering going forward with a divorce for a while but you have been waiting for the “right time”.  No matter when or why you decide to get a divorce it can be a difficult period to go through. The more prepared you are for this the better. A divorce is not something you want to approach blindly but instead you should do your homework on the subject. We’ve comprised some advice that may help you once you have decided you want a divorce.

Your Assets

Your first inclination may be to immediately hoard any financial assets in preparation of dropping the big news to your spouse. Being smart with your money is different than hiding your assets. Do not hide money since it will be found during the divorce and it will cause you to appear dishonest. If you feel as though there is a real concern for losing financial assets, than you should speak to a divorce attorney who will guide you on the preservation of assets before proceeding with the divorce.

The Wall Street Journal advises that you should keep track of all assets, income, debt, and living expenses. Make hard copies of any investments, bank accounts, pay stubs, art or jewelry appraisals, or any debts you as a couple may owe. Switch any of your bank, credit card, or any other accounts over to electronic statements to stop your spouse from being to keep track of your personal finances.

Keep track of credit.

Keeping track of your credit score will not only help ensure that you have a solid foundation to build your new life on but it will also allow you to determine if your spouse is opening new accounts or running up debt before the divorce. Establishing and maintaining good credit for yourself will be very helpful in your new life.

Budgeting for legal costs and living expenses after the divorce.

Divorce is a life changing event. Once you have decided that you would like to go forward with the ending of your marriage you need to determine how you want your life to look after the dust settles and you start your new life. Budgeting for that life is very important. Study your spending habits, costs of living, health insurance costs, and potential new living expenses along with other variables such as your legal expenses and other family obligations.

During this life changing event, sometimes it is easy to be sentimental, rash, or harbor vengeance when making decisions. For example, when deciding whether you should stay in your home you may be looking at the home as the happy place you raised your children while overlooking the burdensome expenses that come with it. Staying rational and level headed can be difficult during these emotional times. Retaining a great legal team who is there to help you during this period can greatly ease the tensions and stress in the close of this chapter in your life.

Choosing a Divorce Lawyer

Choosing an experienced family law attorney is very important for the outcome of your divorce. You will want someone who shows interest in your case and your well being. If there are children involved than you want a lawyer that is has experience with child support, child custody, and child guardianship. At Cohen Cleary, P.C. we cover all the bases when it comes to your family law and divorce needs. Call us today for a consultation with our local Attorneys at (508) 880-6677.

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