Most divorces usually include property division. With the soaring divorce rates in California and the rest of the US, divorce related property divisions are becoming more complex than ever before. However, what remains important is an equitable division of property between the spouses.
Financial strategists believe that being adequately prepared before filing for divorce is the key to a fair and reasonable marital property division.
For instance, before filing for divorce, ensure that all financial documents are available. Money related paperwork, if not in proper order, could result in a messy divorce. Financial and legal papers therefore, are the first things to address for anyone filing for a divorce.
Next, open personal bank accounts. This is to avoid problems when the divorce is through and the status of an individual changes to single from married. It is important to remember that, with this change in marital status, all jointly held credit cards and bank accounts with an ex-spouse will be closed. This could turn into a big issue when starting out fresh.
It is also very important to arrange for funds to pay for the various professionals used during the divorce, such as financial advisors, lawyers etc. How much will be spent is often dictated by how complex the financial state is, so it is essential to be prepared.
Finally, arranging for legal and financial experts becomes important. There is nothing like sound financial advice and an experienced financial advisor to help when the divorce is ongoing. Not having this expert advice can tilt the scales away from an equitable division.
A planned approach toward assets will not only increase the chances of getting a fair share in a marital property, but also save a lot of unnecessary hassles. In such cases, along with a good financial advisor, an experienced divorce lawyer may be able to offer assistance.
Source: Forbes, “(Soon-to-be) Divorcing Women: What Are You Waiting For? Here’s How To Prepare To File,” June 26, 2014