How to Financially Prepare for Divorce
Divorce is an expensive proposition â€” there are no two ways about it. Beyond the emotional trauma, you will have to divide all of your assets, and you may discover youve got assets you didnt even realize you had. There are certain steps, however, that you can take to prepare you for whats to come and make the process a bit easier. Heres an overview of the steps you can take to financially prepare for your divorce.
Detail Your Assets
Make a detailed list of all the assets and financial obligations you have. Include any debts, income, business assets, your house, your car and even those valuable trading cards you have from childhood. Anything you can jot down that might affect your finances, you should list. This will make it easier to gather all the information you need and prepare yourself for everything that needs to be split.
Gathering Your Information
The more information you have at your fingertips, the better able you will be to work towards dividing assets. Make sure you have as much detail as possible concerning everything from your salary to your mortgage, as well as debt and business assets.
As you gather this information, make copies of everything so you have backups. Its also important to gather as much information as you can about your spouses finances; often in marriage, each partner is surprisingly unaware of what the other does, economically speaking. Before your divorce, however, you have a right to this information and it will be necessary during your divorce proceedings.
Stash Away Some Cash
The exact expenses of separation vary widely based on the situation and circumstances and the kind of divorce you pursue: mediated, arbitrated or litigated. While certain kinds of divorce can save you a lot of money and heartache, all will carry costs with them. Its vital for you to have the funds to pay for the direct costs of the divorce. See our recent blog post about the cost of divorce in Canada here.
Mentally Prepare Yourself
Accept that you are going to have to make and accept difficult decisions and consequences from your divorce all around. If you are not mentally prepared for this, youll find that you make poor decisions or let things go too easily, and this can cost you even more money and heartache. Understand your options and do your best to work with your spouse to determine which kind of divorce is best for both of you.
How to Select the Right Divorce Lawyer
Working collaboratively with a legal team is your best bet. Your lawyers should advise you regarding your options for divorce and assist you with selecting the route that is best suited to your specific situation. Having a professional legal team on side will ultimately help you make better decisions together, enhance communications, and streamline the process, thereby quieting the anger and bitterness you may face. Working with a professional family law team can even help to salvage some respect and create a lasting friendship from your separation.
If you are in the Calgary area and are considering divorce, connect with us for more information and learn how to get started.