No one sees their marriage ending in divorce, but statistically it’s very likely. As of 2020, almost 50% of all marriages will end in divorce or have to deal with some form of separation. So, if you’re in the process of getting a divorce, you’re not alone. And the benefit of not being alone is having information and research available to you to make it as smooth and painless as it possibly can be.
Below are five important steps to take when you’re considering filing for divorce.
Get a divorce attorney
You may not want to shell out for the hourly rates of a divorce attorney, but ultimately it will cost you less in the long run to have one. Settlements and negotiations can be incredibly tricky and there’s plenty of deadlines and paperwork to deal with. Divorce attorneys can handle this for you which will save you money in penalties, fees, and even help you get the most out of your division of assets. Most importantly, your rights and interests will be protected by hiring a divorce lawyer.
Get your paperwork in order
Dividing up your assets is a tedious process and is going to require going into a lot of detail. On top of that, most states will grant the spouse who is going to be disproportionately affected financially by the divorce some sort of reward or support from the wealthier spouse. Be honest and provide appropriate paperwork because trying to hide financial information will get you into trouble.
Start budgeting
Even before your divorce goes through you should practice what your post-divorce lifestyle will be. This means figuring out the cost of groceries, utilities, living expenses, and disposable income now that you only have a single income to live off of. You need to prepare for this as soon as possible in case you need to start accumulating a savings to ensure a safety net or potentially need to seek out a second source of income.
Establish your own credit
If you don’t have credit to your name individually, you’ll need to start establishing credit ASAP. Open a credit card in your name and spend wisely on it, paying it off on time. This will help you in seeking a new living arrangement, a new car if you need one, and other financial needs further down the line. It’s hard to do much of anything without a credit score to your name.
Prepare any children for changes
The parent who gets custody will likely also retain the house, if they can financially afford it, in order to not uproot children from their environment and school district. But it’s not always possible and if when it is, children still have to deal with suddenly having two separate places to call home. Make sure you’re preparing them and do research on potential therapists and mental health resources if needed.
Additional Questions
Do I need to protect my financial accounts from my spouse?
Sometimes, when divorces are messy, a spouse will drain accounts in preparation or in retaliation. You can combat this by opening accounts in your name and transferring appropriate funds over (no more than half). Don’t go spending that money though, this is to protect your assets. If you have accounts, you cannot withdraw from (such as investment or saving accounts) put a freeze on them to ensure they cannot be tampered with. You may also want to freeze your credit.
How can I prepare for a custody battle?
Fighting for custody of children can be very tricky and a lot of factors play into it that include finances, behavior, living environment, and more. If you and your spouse are on pretty equal footing when it comes to finances, you need to stay on your best behavior. This means avoiding jumping back into dating too soon, keeping your home neat and clean, and ensuring the emotional stability of yourself and your child.
Seek out a trusted and experienced divorce lawyer to ensure you have everything you need to get started on the divorce process. Our Divorce and Family Law Offices in Jackson have the advice, guidance, and family law expertise to help.
Need to learn more about what you should do to prepare as well as navigate your divorce? Our experienced divorce attorneys are standing by to help you with your case beginning with a Free Consultation to evaluate your situation. Call today.