Thursday, 29 August 2013

Preparing For A Divorce Financially

By Michael Schomp


Getting a divorce is something you might not have ever envisioned. When you made the decision to spend the rest of your life with your spouse, you were probably caught off guard upon finding out that they want a divorce. The emotional implications of such a serious decision can be overwhelming, especially in the early stages. This leads to more fighting and a lot of wasted cash as you hash out your differences in family court. Planning for the future is difficult, but there are ways to save money and protect yourself financially throughout the process.

Hire a Divorce Attorney

Finding a divorce lawyer is the first step you'll want to take, and you want to to do so while considering the quality of representation relative to the price. Many lawyers charge hundreds of dollars per hours, while others charge far less. It's important to find a divorce lawyer that you can afford, but you should never sacrifice quality just to save an extra few dollars.

Shorten the Discovery Period

Instead of paying fees to have your lawyer round up legal documents, simply ask them for a list of the documents you'll need and take care of this part yourself. It's not necessary to pay additional attorneys fees for work that you can do on your own time. You can save a significant amount of money in your divorce if you gather the documents yourself.

Try to put together a game plan with your attorney so that you can find out what he or she needs and where you can get it for them.

Document Your Financial Standing

Prior to proceeding through your divorce, it's important to thoroughly document financial information. Your salary, your assets and your tax returns from the last few years are used to help determine what each spouse is entitled to. This is usually a contentious part of the divorce, but it's crucial when it comes to protecting yourself financially.




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