If you are facing a divorce, you are going through a very difficult time, and may not have any idea about how best to proceed. Knowing – and avoiding – the most common financial pitfalls related to divorce, however, can help you avoid making them and can help ensure that your divorce proceeds as smoothly as possible – while protecting your financial rights throughout.
Do Not Wait to Consult with an Experienced Attorney
Divorce is a complicated legal process, and your divorce terms will significantly affect you and your children’s financial future. In other words, the outcome of your divorce is far too important to leave to chance. Working closely with an experienced divorce attorney will help ensure that your finances are protected throughout and that you obtain terms that work for you.
Do Not Put Off Gathering Your Financial Documents
The division of your marital property will hinge upon effectively documenting that property – in its entirety. To do this, you will need to document those assets that you and your spouse have acquired together as a married couple, and this often requires a good deal of effort. The earlier you begin the process of gathering these documents, the more effectively and efficiently you can establish the full extent of your marital property. Such documentation should include all of the following:
- Your financial portfolio
- Paystubs for both you and your spouse
- Your respective retirement accounts
- Your home’s mortgage – and deeds for any other owned properties
- Titles for all cars, boats, and recreational vehicles
- Documentation related to any collections, art, jewelry – or related to anything else of value
An unscrupulous spouse can make gathering the necessary documentation far more difficult and could even attempt to mislead you regarding your shared assets. Do not wait to gather the documentation you need, and if any problems arise during this process, your dedicated divorce attorney will help you strategize the most expedient and effective path forward.
Do Not Rely upon Your Spouse for Financial Information
If you had very little to do with your family’s finances, you may be tempted to simply accept the divorce financials that your spouse provides you with, but this is very unlikely to serve your best interests. The stress and upheaval of divorce can push normally trustworthy people to do things that are not on the up and up – especially when it comes to finances. While it is a good idea to strive for an amicable divorce, it also behooves you to do your homework when it comes to your finances.
An Experienced Lawyer Can Help
The division of marital property is one of the most important elements of any divorce, and attorney Brett Pritchard at The Law Office of Brett H. Pritchard in Killeen, Texas, is fully committed to aggressively advocating on behalf of financial terms that protect you and your children's financial rights. We care about you and your case, so please do not hesitate to contact or call us at 254-501-4040 for more information today.