Question By: Getting a divorce is no small feat. In addition to the emotional process of separating from your spouse, legally ending a marriage comes with mounds of paperwork, division of assets, settling of debts, and navigating a new future. This process can take months however, knowing how to prepare for a divorce can help things seem less overwhelming. Below, with the help of legal experts, we outlined nine steps to take when preparing for divorce.
Steps Involved in the Divorce Process You Need to Know
Find a Divorce Attorney – It is easier and less costly if you and your spouse can settle without litigation. As an alternative to going to court, consider whether a collaborative approach or mediation may work best for your needs. A collaborative approach is "for couples that want to stay out of court but have complex issues (and lots of money),"
Gather Financial Information Next, you need a clear picture of where your finances stand, which will help determine distribution of marital assets and debts. Some marital property and assets are obvious. For example, the marital home, any financial accounts, and vehicles are assets that should be split equitably. Other not-so-obvious assets may include artwork, pension plans, inheritances, or belongings brought into the marriage.
Determine Income You need documentation showing your income and the income of your spouse. If you and your spouse are salaried employees, you will need a copy of the most recent pay stubs plus your most recent Income Tax Return. Determining income becomes more difficult if your spouse is self-employed. In such a case, copies of bank account statements and financial business statements will provide a clear picture of income.
Visit https://lawyer-il.com/how-to-prepare-for-an-impending-divorce/ for a consultation today!
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