Research shows that more divorces occur in January than any other month of the year. If you and your spouse are considering divorce and believe it will happen in 2016, consider the following five tips to ensure your divorce progresses in the smoothest manner possible:
1. Collect Any and All Financial Documents Ahead of Time
Finances are a large component to consider before and during divorce. To ensure the financial end of the divorce process is handled correctly, gather all financial documents, including the following:
- Year-end statements
- Investment documentation
- Bank statements
- Credit card information
In the state of Colorado, you will be required to file a Sworn Financial Statement along with all financial documents within 42 days of filing the Petition for Dissolution of Marriage. The sooner you collect the documents, the more cohesive your divorce process may be.
2. Evaluate Your Credit
It is important to request a copy of your credit card with enough time to manage household expenses or apply for loans. To make the process simpler, regulate credit card statements on a normal basis. If you find your spouse has spent excessively, it may be best to close related accounts immediately. The courts may hold you responsible for the excessive expenditures.
3. Use Your Own Name When Opening Accounts
If you and your spouse have joint accounts, it may be in your best interest to open new accounts under only your name. It is wise to use a different bank than the one used for your joint account. You may want to consider the same action for any credit card accounts.
Additionally, you should save money to cover the cost of any living expenses, attorney fees, or additional costs that may accrue during the divorce process.
4. Hire a Professional and Experienced Divorce Team
There are many factors to consider before, during, and after a divorce. As a result, you will need to gather a seasoned divorce team that can manage every aspect of the process. Between handling business assets, managing financial issues, and completing other complex tasks, the process can become complicated. A team built of various professional can help guide you through the legal and financial processes of the divorce and help you obtain positive results.
To begin, it is wise to hire an experienced divorce attorney. A skilled divorce lawyer may be able to provide you with counselors and financial planners that can help alleviate unnecessary stress. This can allow you to rest easily knowing your process is in the hands of professionals who seek to make your New Year better than ever.
5. Remain Attentive
Because divorce can be taxing emotionally, mentally, and physically, it can be easy to forget about various details. However, it is important to remain aware of your spouse’s motives and action. Be sure to keep an eye on any existing accounts, debts, business assets, safe deposit boxes, and stocks the two of you may share.
Please contact the Denver divorce attorneys at Feldmann Nagel Margulis for all of your Family Law needs.