The decision to divorce is never an easy one. The emotional and personal aspects of divorce are difficult enough for both parties, but there is also the financial component that needs to be handled in order for both parties to live comfortably without worry. Divorce is never an easy decision, and it comes with a lot of hard work and even more paperwork. Read this article to learn what you should expect when handling the financial part.
Hire A Lawyer
When you decide to get a divorce, there are certain legal issues that need to be handled. The best way to handle these issues is through the help of an experienced attorney. With the help of your lawyer, you can handle child support, spousal support, and the division of assets (property). There are a lot of family lawyers that deal with this issue, so you are bound to find one in your area. If you’re from Queensland, there’s a Brisbane family lawyer that can help with your finances. An experienced lawyer knows what they are doing and will ensure that you are aware of all the relevant details. Having a lawyer during divorce proceedings ensures that you will have a say in your divorce and what you can expect, financially.
Consider Mediation
Mediation is another solution if you’re considering divorcing. This less formal process saves both parties money and stress. It works best when there are no complicated finances or large assets that need to be divided. You can hire a mediator who will act as the middleman between the two of you. A mediator ensures that it’s an open and honest process and that both parties’ needs are met. However, the mediator works for both parties, so what they say is not set in stone. Mediation is a more informal process and could be ideal if you agree on most financial matters. On the other hand, lawyers have the upper hand in the financial aspect, so mediation might not be a viable option when you’re dealing with complicated finances.
Gather Documentation
Whether you choose mediation or a lawyer, you will need to provide documentation and information about your financial situation. This includes bank statements, credit card bills, and even retirement savings. You will also need investment account statements, income tax returns, and ledgers for any loans, including your mortgage, auto loans, and personal loans as well. You should also collect marriage certificates and other legal documents such as birth certificates of children or property deeds for shared property. Make sure that all the information is organized in one file, so it’s easy to find.
Divide Your Property
One of the first steps in the financial aspect of divorce is to divide up all marital property. This includes houses, cars, furniture, and retirement savings for both spouses. If there is a house, you will both need to decide who gets it and if one person will still own the house. If the house is sold, the money made from the sale will be divided between both parties. You may also need to decide who gets to keep certain furniture and appliances. If there is a retirement account, you can decide on what percentage each party gets. Remember to collect any documentation on the property, so it’s easy for your lawyer or mediator to divide everything fairly.
Determine Spousal Support Payment
Spousal support payments are another part of the financial aspect of divorce. Spousal support is a payment that one spouse makes to the other for a specific period of time. Courts determine how much spousal support will be paid and the length of time it’s paid for, but lawyers and mediators can help with this process as well. In most cases, the amount depends on several factors including the length of your marriage, the income of both parties, and if either party is paying child support. Spousal support payments are intended to help out with day-to-day expenses while you get back on your feet after a divorce.
Establish Child Support And Custody
If you have children together, child support may also be part of your financial divorce agreement. Child support is often paid in proportion to the income of both parties and the number of days each party has custody. Lawyers can help you with all aspects of child support, including how much money will be spent on child care, medical expenses, education, and more. If there is joint custody between parents or joint legal custody, both parties must agree on a custody schedule.
Prepare For Resistance
Finally, be prepared for resistance. Dividing your finances and assets can be a messy and emotional process, meaning that you will likely encounter resistance from your soon-to-be-ex. This is common through the entire divorce process, but the more you talk about it before speaking with a lawyer or mediator, the easier it will be. Remember that this is not all personal, just financial, so it’s important to separate your feelings from the need for negotiations. Try to avoid making any financial decisions when you are emotional, since it may result in mistakes that could cost you later.
Divorce is difficult, but it can be even more complicated when you have to divide up your finances. The financial aspect of divorce includes everything from spousal support payments and child support for children to selling a house or dividing retirement savings accounts. You’ll need documentation about all the bank statements, credit card bills, and legal documents showing property deeds in order to help lawyers determine how much money will go where. When dividing assets with an ex-spouse who may be resistant to decisions, talk before making any final agreements so that emotions don’t get in the way of negotiations. After all, this isn’t just personal, it’s also financial! Also, you will need help during divorce, so consider hiring a lawyer or a mediator. Which one you choose will depend on several factors such as the complexity of your case, the amount of money you have, and how flexible you are in regards to negotiations. We hope this article helped you understand financial divorce better. Good luck!
