How to prepare financially for a divorce

When you are considering filing for divorce, it is helpful to understand your financial situation  – both individually and as a couple. You will want to have a general idea of the marital assets and debts. This will allow you to consider the amount of the assets that are subject to division, and how much debt you may be liable for. You will also want to take note of which assets you believe are premarital, and thus, are not subject to division.

In addition, it is helpful to have a general understanding of your income and your spouse’s income. This will help you evaluate whether spousal support is an option, and will be helpful in determining child support.

By understanding the assets and incomes, you are in a better position to negotiate a favorable resolution of your case. If you do not have access to the marital financial information, it can be obtained by your attorney through the discovery process. For more information on preparing for a divorce, contact the attorneys at SMDA, P.C. at (586) 264-3756.