New Year. New You!
5 Tips for Preparing for Divorce in the New Year
With 2020 in our rear view mirror (thankfully), many of us are determined to make 2021 a better year. If a divorce to get a fresh start is the change you are interested in making for 2021, then you may want to consider the following tips to prepare for the legal process ahead.
Tip #1: Gather Financial Information
We have seen spouses discuss a potential divorce with the other spouse only to learn that it has caused the other spouse to act even more erratic than before resulting in the erratic spouse cancelling credit/debit cards or restricting access to bank accounts. This is why it is important to collect financial statements for the last two to three years before you have the divorce discussion with your spouse. Important financial documents that you may likely need for your divorce case include:
Bank statements;
Credit card statements;
Copies of tax returns with all schedules attached;
W2s, 1099s, etc.
401(k), IRA, Pension, and other retirement/investment account statements.
**If you do not have access to this information, no worries! It is not uncommon for one spouse to manage the financial aspect of the marriage while the spouse is responsible for another role. If this is the case, we likely obtain much of this information on your behalf during the divorce process.**
Tip #2: Establish Your Accounts/Funds
If you fear that you may be cut off from your day to day financial accounts, then feel free to establish your own separate account with enough funds to cover a month or two of expenses and your legal fees. It is recommended that you do not spend any funds unreasonably and keep receipts and records of your transactions to document your expenses and to assist in creating a monthly budget for a single household.
Tip #3: Change Passwords & Security Questions
To protect confidential communications and maintain a safe place to send and receive information about your finances, legal issues, etc., it is wise to establish a new email address and/or change your passwords and security questions to all of your financial and social media accounts. and maintain a safe place to send and rece
Bank statements;
Credit card statements;
Copies of tax returns with all schedules attached;
W2s, 1099s, etc.
401(k), IRA, Pension, and other retirement/investment account statements.
Tip #4: Be On Your Best Behavior
A divorce case may put you under the microscope with the Court; therefore, be on your best behavior. This means no unusual or crazy spending, no text messages that you wouldn’t want read in Court, no conversations that you wouldn’t want replayed in Court, and no photos you wouldn’t want seen in Court, no partying, no dating. Basically, do not behave in any manner that may be viewed as questionable to the Judge. Instead, spend time with friends, family, and your children and take care of yourself physically and emotionally.
Tip #5: Consult a Divorce Attorney
These are only general tips; however, certain unique circumstances of each case may alter these tips a bit. It is important that you immediately consult with an experienced attorney that is especially focused in divorce and custody cases so create a tailored plan for your needs.
