How to prepare for a divorce.

Many people contact our office and ask, “how do I prepare for a divorce?” If you are contemplating filing for divorce, there are a few things you can do to put yourself in the most favorable position.

1.) Prepare a financial statement. You should know the extent of the marital assets. Not only should you create a list of your individual assets, but also your spouses’s individual assets, and all joint assets. You should also know the approximate balances in each account. Start keeping track of the account statements, so that you know if your spouse has made any significant transfers. In addition, you should know all of the debt in your name, your spouses’s name, and in both of your names. If any assets have a lien, know the amount of the lien and who the lienholder is.

2.) Create a budget. You should know the current incomes and expenses of your household. You will want to figure out if you would be able to keep your home, or the amount of other comparable homes in the area, if you plan on moving out of the marital home. If you have concerns about your ability to keep your home, check out our spousal support blog, to see if you would be entitled to support.

3.) If you have children, you will want to start thinking about a custody and parenting time arrangement, that is practical in the circumstances. Look at our blog regarding best interest factors, and see what your potential strengths and weaknesses may be in a custody battle.

For more information on how to prepare for a divorce, contact our office for a free consultation at (586) 264-3756.