Divorce is often not something that you decide on overnight. It is true that some people experience a deal-breaking event like domestic violence or learning of adultery, but many spouses just grow apart or cannot get along anymore. If you are considering divorce in your future, there are steps you can take to prepare for the start of this process.
Cut Back on Spending
Divorce can be expensive for many reasons, including court costs, legal fees, and the fact that you lose the financial support of your spouse. In addition, if you will be separating, you and your spouse will likely add another housing payment and utilities to your household budget. If you know that divorce is likely, you should start curbing your spending now and saving as much as possible for your separation and divorce process.
Gather Financial Information
In many situations, spouses are willing to be open and honest when it comes to negotiations over property division, spousal support, and other financial matters in a divorce. However, there are cases in which one spouse is in charge of the finances, and the other spouse knows very little about their detailed financial situation. The first spouse might be tempted to hide assets or take other secretive action to gain the upper hand in the divorce process. It is important to gather as much financial information as possible so you have a clear idea of what will need to be divided in your divorce.
Some information you should gather includes:
- Usernames and passwords for all financial accounts
- Account numbers for all bank, investment, and retirement accounts
- Life insurance policies
- Income statements and tax returns
- Statements for all mortgages, loans, and credit cards
- Titles to vehicles and real property, including your home and investment properties
- An inventory of your personal property, including electronics, jewelry, and more
Having this information ready will give your attorney a complete picture of your financial situation and what will need to happen during your divorce.
Informing Your Spouse
If you decide to get a divorce together, your spouse will obviously be aware of what is coming. However, some people make this decision on their own, which means they have to also decide when to inform their spouse that they want to end the marriage. If you believe your spouse will be cooperative and honest during the divorce process, there is likely no harm in telling them early-on. However, if you suspect your spouse might try to hide assets and income or take other deceptive actions, it might be better to wait to inform your spouse. This is an issue you can discuss with your divorce lawyer.
Finding the Right Murfreesboro Divorce Attorney
Perhaps the most critical step to prepare for divorce is to find a divorce lawyer in Murfreesboro who is right for you and your case. At Dotson & Taylor, we can advise you on the different paths a divorce can take, discuss cost, and give you an idea of how the process will go. Call 615-890-1982 or contact us online for more information today.