If you’re getting a divorce or you know your spouse is considering it, you may be heartbroken. There are a lot of emotions you will go through, but one of the things you MUST do is start preparing for the divorce. Because your property, money and assets will likely be divided between the two of you, it’s important that you are prepared. Here are some important tips on finance 101 during a divorce.
Know What You Have:
It’s important that you know exactly what sort of property, assets and money you and your spouse have. If your spouse has been considering a divorce, it’s possible that he or she has thought about concealing assets or property so they do not have to be divided in the divorce. It happens all the time and many people get away with it. Your best bet is to copy every financial statement you can find, including tax papers, check stubs, bank statements, insurance policies or bills, and anything else you can find. Make a point to copy everything so you can prove what assets exist.
It’s also essential that you’re prepared for the divorce, so stuff back any money you can so that you’re able to hire a lawyer, search for an alternative place to live if you must, etc. This will help you a lot. Attorneys are expensive, but sometimes you’re unable to get your fair share of things without them. Even if you can only take a small amount of money at a time, do what you can. If you’re able to get a loan from a friend or family member, this might help as well. It will be easier to pay back than a traditional loan and without all the unnecessary charges and fees.
To keep the property, asset and money records separate, make a list of them. On one sheet of paper, list all of the bank accounts that you have including the balances of each. On the property list, make sure to include anything you own of value – such as your home, your vehicle, boats, motorcycles, land, etc. Then on the last list, make sure to include insurance policies, retirement funds, stocks, bonds, or anything else that would fit into this category. Also list whose name is on the certificate of ownership on any of these things. This will help you remember each little thing when presenting your case to the judge or your attorney.
Being prepared by using the steps above is important if you want the division of property and assets to go fairly. It’s easy for your spouse to hide things he or she doesn’t want divided, especially if they own their own business. Make sure to get documented proof of every type of property or asset that you and your spouse own so that the judge can make note of it when he or she divides the things between you. The above steps will help you ensure that everything is divided fairly and that no one gets the wool pulled over their eyes.
Source by Danielle L. Taylor