As family lawyers in Fairfax, we know that divorce represents one of the most difficult times in a person’s life.
While much of this pain is inherent to divorce, preparation can lessen frustration caused by divorce proceedings. Here are three tips to help you prepare.
1. Create a List of Assets
To ensure the divorce process is smooth, you will want to have reviewed your complete financial picture. The following is a list of documents that may be helpful to your legal team:
- Financial statements/balance sheets
- Tax Returns
- Property inventory
- Bank and investment account statements
- Real estate deeds
- Mortgage and loan documents
- Credit card statements
- Wills/trusts
- Insurance policies
- Estate planning documents
- Pre-nuptial or postnuptial agreements
Having these statements and documents readily on hand will save quite a bit of time and frustration once you begin the official process of divorce.
Organizing and obtaining them now will be extremely beneficial.
2. Be Organized
Apart from collecting all your documents, you will need to arrange them in a systematic manner. In Fairfax, family lawyers recommend that documents be grouped together by subject.
This way, if your lawyer or financial advisor needs something, you can locate it and other pertinent documents without delay. For example, having your house deed and mortgage documents together creates a clearer picture of your home’s value.
This money saving solution can also benefit you in the long run by helping your divorce professionals make the most accurate assessment of your situation. A complete picture promotes fair asset distribution.
3. Categorize Assets
After you’ve obtained and organized all your documents, you will want to think about each asset in terms of marital and non-marital.
State laws define rules regarding how property is classified, which is why it’s important to consult your family lawyers in Fairfax.
To streamline the process as much as possible, identify the following information regarding each asset:
- How the property was acquired (purchase, inheritance, gift, etc.).
- When it was obtained.
- Each spouse’s contribution to the maintenance or improvement of asset during the marriage.
Family Lawyers in Fairfax | Financial Preparation for Divorce
Creating a system of organization and locating important financial documents prior to initiating your divorce can benefit you in the long run.
Financial decisions made during divorce can have lifelong impact. If you’ve got questions regarding your divorce, click here or call 703.934.1480 for an initial consult.