Divorce can be emotionally and financially taxing, regardless of how long you and your spouse have been together. It can be especially challenging if you aren’t prepared or organized.
To make the move as easy as possible, you need to prepare for it. To help you out, we’ve created a divorce planning checklist to guide you through the process.
Get an attorney
Even if your divorce is amicable, you should engage divorce lawyers to assist you in understanding your rights and responsibilities—and ensure you take the necessary measures.
This allows you to make informed decisions regarding your own (and, if you have children, their) future. To choose decent family lawyers, ask for references from family and friends and research many family law attorneys in your region.
Before deciding on the attorney to hire, interview several candidates to select the one with whom you will be most comfortable.
Discuss your divorce
If you haven’t discussed divorce with your spouse yet, decide when, where, and how to start the conversation.
You should schedule a time for both of you to communicate, think, reflect, and rest before work or other demands emerge.
If possible, schedule the conversation in a neutral setting, away from household irritants and distractions. Keep it simple, try to remain calm, and don’t say more than necessary.
During the discussion, you should talk about why you feel that going separate ways is the right thing to do. If you have children, you should discuss the next way forward and come up with ways to divide your property.
Seek support
Even the most cordial divorces may become nasty and difficult. To have an easy time, create a circle of trusted friends and family members who will listen and help.
It’s also a good idea to see a therapist, especially if you’re dealing with trauma like domestic violence or substance misuse.
And if you believe you may use help making financial decisions, set up an appointment with a financial planner or a certified divorce financial analyst (CDFA) to counsel you.
Plan for the children
All divorces follow the same fundamental procedure, although there are additional processes and concerns when children are involved.
If you have children, consult with a local family law attorney to discuss where they will live (physical custody), visiting dates, child support, and who will be involved in major decisions affecting the children (legal custody).
You will also need to decide who the children will spend holidays, birthdays, and vacations with, as well as how you will handle visits from extended family and friends.
List your belongings
Part of divorce is determining who gets what. An excellent place to start is to establish a list (and photograph) of personal artifacts that are unique to you, such as artwork, jewelry, family heirlooms, or images and papers that hold special importance for you.
If required, hand over these belongings to a trusted family member or acquaintance for safekeeping.
You should also prepare a list of the properties you own together with your spouse. Try to include the worth of each item, as well as any related papers. Remember to include real estate, vehicles, machinery, household objects, personal items, and pets.
Put together the necessary legal documents
It is critical to keep your financial documents organized and in one location, such as a file or binder. Begin by gathering and making copies of your legal documents, including:
- Marriage paperwork include prenuptial or postnuptial agreements, as well as a marriage license.
- Tax returns: federal and state tax returns from the last five years
- Real estate documents include deeds, appraisals, home cost basis, mortgages, and rental property records.
- Business records include receipts, tax returns, payroll information, and any registrations, patents, or trademarks.
- End-of-life planning: will, power of attorney, and advance healthcare directive.
If you’re having problems finding paperwork (or if your spouse is making it difficult), your attorney can assist. You will also need to amend your insurance policies (so that you are not financially liable for your ex), will, and powers of attorney.
Protect your credit
Filing for divorce will not have a direct influence on your credit score, but it may suffer if you make late or missed payments as a result of the divorce.
Keep in mind that if you live in a community property state, you and your spouse are equally liable for any obligations incurred while married.
Even if a divorce ruling assigns your former spouse responsibility for a joint account, lenders and creditors may still pursue you.
To safeguard your credit, open new accounts in your name once you’ve separated. It’s also a smart idea to get identity theft protection because divorce makes you vulnerable to scams from scammers or even your ex.
Put your paperwork in order
Make copies of your financial statements (bank, investment, retirement accounts, health savings accounts (HSAs), and credit cards), insurance documents (homeowners, auto, life, personal liability), and loans (mortgage, car, home equity, and personal loans).
You should make your paperwork available in both paper and digital formats so you can access it from anywhere—and keep it all in a secure location.
Sort out the details of your separation
Some couples live together until the divorce is finalized, although frequently one or both spouses leave before then.
You should determine where you, your partner, and your children will reside. Keep in mind that having two separate residences is expensive. You and your soon-to-be ex should strive to spend no more than 25% of your take-home salary on rent or mortgage payments.
You should design a realistic budget that reflects the new living arrangements and keeps both households secure.
Parting shot
These are some of the things you should do to get ready for your divorce. As mentioned, Divorce lawyers fairfax VA are vital when you are going through a divorce.
When hiring, don’t hire the first one you come across. Take your time to research and find the one that fits your needs. As a rule of thumb, hire an experienced attorney who will not only represent you in your case, but also guide you in making the right decisions.
