Sad to say, the person you walked down the aisle with and envisioned to be your better half for the rest of your life turned out to be the wrong person. The vows you made have gone down the drain and you desperately want a divorce. If you are looking to get a divorce, it is important to not allow your emotions to get the best of you. You must not act on impulse. You need to think about preparing for the financial and emotional costs. By taking the time to create a well-thought out plan, you will pave the way to receiving a settlement you are pleased with which will help you transition to your new life. But first, you need to have a clear sense of what divorce involves.
You Will Need Money. Before filing a divorce petition, expect that emotions will run high and your spouse might react violently or angrily. They might leave you high and dry. Without any money, how can you pay for a good lawyer, therapist, financial planner, and a place to stay before the divorce settlement is finalized? You will need to have a secure way of having a ready cash flow to finance your divorce and prepare for life on your own.
Think About Whether Separation Could Be a Better Option. Granted, your marriage may be over, but if you are dependent on your spouse, you might consider separation as a more practical option. Think about your health insurance coverage that might be tied in with your spouse’s employer. Think about retirement benefits and 401(k) plans that you or your spouse have.
Choose the Right Divorce Lawyer. No two situations are the same. Every marriage has its own unique issues that resulted in divorce. Choosing the right lawyer who understands your case and has handled similar cases or specializes in a certain practice is a start to the right direction. Your lawyer can walk you through the marital assets, liabilities, divorce settlement terms and options, and its long-term impact on your life post-divorce. Negotiation, collaborative divorce, and mediation should also be discussed.
Look for Hidden Assets. Before the divorce, make sure you know every asset included in your marital estate and how much they are worth, so that in case your spouse reacts unfavorably, there is little chance that they can hide assets and properties from you, since you’ve done your research all ready and everything is accounted for.
Update Your Resume. While in transition and even before divorce, consider updating your resume and polishing a cover letter for employment. You cannot depend on your spouse’s income anymore. This is especially important for stay-at-home parents. Understand that child support and alimony won’t pay all of the bills. You will need a stable source of income to maintain your lifestyle and household.
Get Real and Prepare for the Financial Reality of Divorce. Rather than panic when the loan collectors are knocking on your door, make sure you have a post-divorce budget ready now so you can align and adjust the divorce settlement in your favor. You need to have a post-divorce budget prepared detailing your income and expenses, so that you can work towards that during your divorce negotiations. Financial preparation is always one of the keys to preparing for divorce.
Our team understand that divorce is very stressful. That is why we take the time to walk you through your options so we can help you successfully transition into your next phase of life. Take the first step towards your new future by becomming a Flash Divorce member today.