The new year brings about change, new beginnings, resolutions. For some people, it may be all three if they’re contemplating or are already in the midst of a divorce. Since January is national Get Organized Month, we share some tips to help you prepare for divorce so you can take control of your situation.
Sources of Income
As part of the divorce process, you will need to assess, valuate, and outline your finances. As you make this list, try to include information that may be needed for verification. For instance, when listing employment, make note of the employer’s name, address, and length of time employed. It is good practice to list income sources for the past three years.
When writing down your income, be sure to include overtime, bonuses, and other income such as unemployment or disability payments, as well as income received from investments or side jobs.
Inventory of Assets
Your list of assets should include all types of property, from real estate, bank accounts, and retirement funds to cars and furniture. Also, remember to write down account numbers and approximate values for major assets.
While you are listing the property that you own, notate any property you owned before your marriage or acquired as a gift or inheritance. These items may be considered your separate individual property that will not need to be shared with your soon-to-be-ex.
Think about which items are most important to you and which items you would be willing to give up. As an example, you might be willing to let your soon-to-be-ex have the entertainment center if you can keep the artwork in the dining room.
List of Debts
In addition to allocating assets, your debts will also be considered during the divorce process. Make a list of all debts, including credit card debt, student loans, mortgages, vehicle loans, and money you may have borrowed from family or friends, with account numbers and the amount that remains to be paid.
Issues That Need to Be Resolved Between You and Your Soon-to-Be-Ex
It is often most effective for couples to reach an agreement on these issues outside of court; however, if they’re unable to negotiate successfully, then a judge will make the decisions.
A useful practice is to write down what items need to be considered, such as:
- How assets and debts will be divided
- Whether one spouse will pay support
- What plan works best for the children (custody, parenting plans, child support, etc.)
- Whether to seek separation or divorce
A Joint Petition can be prepared for an uncontested divorce, eliminating many of the delays and expenses associated with divorce. However, parties must reach an agreement on all issues before filing, so they must be willing to negotiate fairly.
Your divorce attorney can help you compile a list of all the issues you will need to consider and resolve during the divorce process.
Your Health is Most Important
The toll that divorce can take on your health is a serious matter and needs to be addressed. You must make time for your own needs and the needs of your family. Don’t go through this alone when you have friends, family, or professional counselors that can help you get through it, not to mention your divorce lawyer who will guide you along the way. Keep up with exercise routines and favorite rituals, or create new ones. The divorce may be a big part of your life at the moment, but it is not the only part.
An Experienced Legal Advisor Can Make the Process Much Easier
Divorce can be overwhelming. An attorney experienced in handling divorce and dissolution in Nevada can assist with many preparatory steps as well as negotiating on your behalf during the process. The experienced team at Naimi Family Law Group understands how to guide you through the process so that you can start that new beginning. Contact us today for a confidential consultation to learn how we can help you move forward.