A divorce is a complex legal issue. It could become even more complicated when there are properties, debts, and children involved. Should you come to the point when you’re ready to break the news to your partner, it’s only wise that you have prepared everything you need.
Here are tips on the most important things to prepare for divorce according to expert Albuquerque divorce attorneys.
1. Get legal advice
It doesn’t matter whether you’re going for a simple mediation or have been married for only a few years with no children. You need to speak to a lawyer for proper advice, so you won’t be the one in the losing end after. Getting a lawyer is expensive, but you have the option to not get a retainer if you don’t need to. An unbundled law is a practice that allows you to use the services of an attorney only when you need help.
2. Know how much your partner earns
Money has always been involved in a divorce. It’s important to know how much your partner earns because this is a crucial factor when settling child support and spousal support issues. A tax return may not be able to reveal how much your partner earns each year so you have to do your homework. Look for pay stubs or ask business partners to get a close idea.
3. Be financially ready
Sometimes, a divorce could not go the way as planned. When a party refuses to cooperate, the divorce could take longer and may require hearings. This whole process is expensive. Until spousal support agreement has been reached, you will have to pay for personal expenses. You have to be financially ready to avoid financial problems later. Part of your preparation must include opening a bank account and saving money.
4. Review all assets and debts
This requires thorough review because it involves money. Document all assets, including bank accounts, insurance and retirement plans, and properties acquired during the marriage. Don’t forget to list down debts and existing loans, too.
5. Have future plans ready
After the divorce, you might have to work to support your needs. Make a plan on how to improve yourself so you’d become more marketable. If you have to study or get training, do so now while there is still financial assistance. Next, study how much you need to run your household and work on possible plans.
The most important step when you prepare for a divorce should be talking to an attorney. The divorce could take long so you have to prepare yourself financially as well. Do your homework and have all information needed ready. This is how you can make the divorce easier on your part and not have regrets in the end.