getting divorced means making many changes in the way you live.
You may have children to consider; at least one of you will have to relocate, and then there is the extremely important topic of money to discuss. While you were married, it might have been easy to agree on the finances, but once you are divorced, all bets are off. To save further anguish, it is best to procure the services of a lawyer to facilitate the divorce from a financial standpoint.
While each case is different, the average couple has the following issues to deal with regards to splitting the finances after the divorce:
- Bank accounts, joint or single
- Any debt joint or single
- Investments, joint or single
- Assets held jointly or in a trust
- Company or business finances
- Individual income assuming one or both of you are employed
- Liabilities joint or single
- Any other issues relating to money or assets
Divorce is traumatic enough without having to deal with the above issues without external, professional assistance. Hiring a lawyer who is not emotionally attached to the outcome is the best way to go if you want to get through the divorce with as little emotional damage as possible.
You and your ex spouse should take all financial documents when you meet with your solicitor. This includes:
- Bank statements
- Title deeds
- Any business documentation
- Details of insurance policies
- Any documents that pertain to money, assets and liabilities.
Your solicitor is trained to work through all your information to come up with a workable solution for both parties. He or she will have to take into consideration any children and who will be the permanent custodian of the children. Obviously that parent will need to have enough money to look after the children until they are ready to leave home.
Each party should have a solicitor present at the negotiations to ensure that there is no bias towards one party. While you may be angry with your ex spouse, it is better to deal with the situation with dignity and decorum. You don’t want to carry any “baggage” with you as you move into your new life.
Disclaimer : This article provides basic information only and is not a substitute for a professional or legal advice. It is prudent to obtain legal advice from a family lawyer.