A few years ago, I was in a pretty serious car accident. During the aftermath, I became really familiar with a lot of different types of lawyers. I worked with personal injury lawyers, insurance lawyers, and many others. Perhaps the most important, though, was the estate planning lawyer. I was really young, and neither my wife or I had thought about starting a will. But the accident kind of scared us into it. What would happen if one of us were to die? Even when still in the hospital, I was working with the lawyer to draw up a will. Now, I have some peace and security about what the future will be like if something should happen to me. And I have a lot of experience working with various types of lawyers! The accident was kind of a blessing in disguise in that way.
Divorce dissolution is the legal process of ending a marriage or civil partnership. It can be stressful and emotional, especially when dividing the assets and debts you and your partner have accumulated during your relationship. Fortunately, several ways exist to protect your financial interest during a divorce dissolution and avoid unnecessary disputes and costs.
Gather All the Relevant Financial Information
Disclose your income, assets, liabilities, and expenses to your partner and the court as part of the divorce dissolution process. This includes bank statements, tax returns, pay slips, property deeds, mortgage statements, credit card bills, pension statements, and other documents showing your financial situation. Make copies of these documents because they will be important later during your divorce.
Make a Realistic Budget and Plan for the Future
Divorce dissolution can have a significant impact on your lifestyle and financial security. You may have to adjust to living on a single income, paying rent or mortgage, child support, spousal support, and other expenses. You should make a realistic budget that reflects your current and future needs and goals. You should also review your insurance policies, retirement plans, wills, and other estate planning documents and update them accordingly.
Postpone Making Major Financial Decisions
You should not sell, transfer, hide, or dispose of assets or incur debts without your partner's or the court's consent. Doing so may be considered fraud or dissipation of marital assets. It may affect the outcome of the divorce dissolution settlement. You should also avoid making major purchases or investments affecting your cash flow or credit rating.
Get Legal Advice as Soon as Possible
Even if you and your partner agree on how to split your finances, it is advisable to consult a lawyer who specializes in family law and can help you draft a legally binding agreement that reflects your wishes and protects your rights. A lawyer can advise you on the best way to approach the divorce dissolution process, whether through mediation, arbitration, collaborative law, or litigation.
Going through a divorce can leave you feeling overwhelmed and unsure of what steps to take next is easy. Having a lawyer by your side during this process can be incredibly helpful. A lawyer can guide and support you, helping you protect your rights. They can also negotiate a fair settlement and advocate on your behalf in court, if necessary. With a lawyer's help, you can feel more confident and empowered during this difficult time.
For more info, contact a company like Peterson & Peterson LLC.
Share27 June 2023
