The Divorce Handbook

If you are considering starting divorce proceedings, it is essential that you are well-prepared and informed. This can make the process go more smoothly, and also cause you less stress and pain. Also, the more knowledge you have of the legal system, the better your chances are of making sound decisions for your future, and getting the settlement you want. Here, we have divorce tips and legal advice to help you. Prepare – prepare – prepare.

Tip 1: Get organized

When filing for divorce, the first thing you need to do is get together any essential paperwork related to you and your partner since you have been married. This includes details of bank accounts, credit cards, investments and mortgages, along with information about assets and debts you have as individuals and as a couple. Get together your tax returns for the last few years, along with information pertaining to your employment and salary, if you are working. Also, trace any “separate property” acquired by third-party gifts, inheritance, or accident recovery.

Tip 2: Understand your financial situation

It is important for you to know how much the “marital estate” (i.e. assets less liabilities) is worth. The marital estate is often divided equally between the couple, so without knowing this, you may not know what you are entitled to. To find out what your marital estate is worth, you need to know the debts you and your partner owe, along with the assets you share. Assets include investments, savings and any equity you have in property you own together. By subtracting your debts from your assets, you can find out what your marital estate is worth.

Tip 3: Seek legal advice

An experienced divorce attorney can help you understand your options, and prepare you for the proceedings. An experienced divorce lawyer knows the ins-and-outs of divorce procedures and can increase your chances of success in court. You want to part of your “team” and not just a “client.”

Tip 4: Know your insurance needs

Often, married couples take out insurance policies together rather than individually to save money. So, if you are seeking divorce, make sure you have sufficient life, medical and health insurance for yourself. If you have children, you may need to consider their insurance needs as well. You may also have to consider insurance coverage for your home and any cars you have. Be sure your divorce attorney is qualified to give you direct advice on insurance issues or refers you to a qualified insurance advisor.