Financial Planning for Divorce

People make a commitment when they get parried. Most people try all remedies to save their marriage before choosing divorce. When all other options are exhausted and you and your spouse agree to divorce, you should address the financial planning implication of your decision.

Financial Planning is an essential part of every divorce settlement. Divorcing couples often face a major transformation in their financial circumstances; Two households must survive on the same dollars formerly supporting one. Financial Planning for divorce will help each person start their new lives part for one another.

Before Filing for Divorce

• Choose a good divorce lawyer
• Start Planning. Draft a plan that reflects your current status, your goals like lifestyle goals, tuition goals and retirement goals
• Gather financial documents such as tax forms, benefits statements, bank statements, investment statements, retirement plan statements, wills, trusts, pre-nuptial agreements, postnuptial agreements, insurance policies, credit card statements, tax returns, real estate purchase documents, sale documents, and any other document pertaining to your individual assets
• Avoid arguments with your spouse and plan pre-divorce meetings in a neutral location
• Keep the kids and family out of the conversation.

Filing for Divorce

• Your lawyer will file a petition, financial statements and other documents with the court beginning the legal divorce process.
• Pay extra attention to your needs and those of your children
• Work on your written financial plan: budgeting, tax planning, retirement planning, tuition planning and estate document planning
• Work with your lawyer on mediated or negotiated settlements
• Make plans and set realistic goals for your finances after the divorce

After the Divorce

• Keep meticulous records of your financial separation
• Transfer ownership of assets
• Close all joint credit cards and bank accounts
• Keep copies of any support checks you have paid or received
• Prepare a financial plan for the next year
• Make arrangements to payoff any joint bills left over from the marriage

Contact a Durham Divorce Attorney

Divorce is hard. Choosing an experienced Durham Divorce lawyer will make all the difference. Contact the Law Office of John C. Fitzpatrick if you have decide you have to get divorced.