Divorces are difficult for everyone. While nobody wants to go through the process of divorce, it is, of course, can be necessary.
According to Psychology Today, nearly 40% of marriages ended in divorce in 2017. Think about that. That’s quite many people terminating their marriages.
When marriage trendy headed south, what should you pay attention to reduce overall stress and financial burdens in your life?
Divorce lawyers in Scottsdale recommend these three tips to make the divorce process as smooth as possible. Or you can choose not to file. Either way, knowledge is power.
UNDERSTAND BOTH PARTIES’ FINANCIAL ASSETS
Before you can even begin negotiating marital assets, each spouse should seek to understand the others’ financial status. Too often, one spouse is in the dark about exactly what assets their significant other has/owns. It’s important to consider ALL financial assets: pensions, retirement accounts, bank accounts, properties, vehicles, etc. Having just a general understanding of these assets can lead to problems during divorce.
Here is the good news: If you file for divorce, your divorce attorney will seek and acquire all the “hidden assets” from your spouse through Court appointed rules and regulations.
AVOID EXPENSIVE LAWYERS
While many people feel the need to hire an “established lawyer” right away, you will be draining your finances more than you really need to. Since the system immediately starts generating work for the attorney (as soon as you submit your filing), you will be charged from the get-go. Things that will be set in motion include, but are not limited to, include financial relief for child support and counsel fees.
Sooner rather than later, you are thousands of dollars in the hole, and that may not even include a court appearance. Initiating the divorce in such an aggressive manner will not only prove to be costly but will also lead to greater tension and potential resentment.
Rather than rushing into the legal process, approach things amicably and have productive conversations. If both parties agree to work together in a civil manner, mediation may be a better option. Not only is this more affordable, but it can alleviate things quicker and more efficiently.
DETERMINE THE RIGHT TIME
Instead of rushing to make divorce official, consider all of the financial matters that come into play when deciding to file for divorce right then and there or at a later time. Timing can also largely impact the “equitable distribution of assets and liabilities.” Your house, amongst other assets, can be a huge factor in determining when you want to file.