What is the single best tip for getting a divorce that anyone can give you? If you ask a family lawyer, you’ll probably hear, “get your finances in order.” What does that really entail, though?
Essentially, it means you need to know everything about your financial health. Only after you truly understand your situation can your attorney help you decide what you’re entitled to in the divorce. In other words, the more clear your idea of your own finances, the better prepared you’ll be for court.
Sill lost on where to start? Continue reading to find a list of ways to prepare for your divorce.
Once you’ve got your finances organized, the next step is to call us. At the Law Offices of Stuart R. Shafer, P.C., we’ve been helping our clients get through their divorces for the past 36 years. If you’re ready to talk with an experienced family lawyer in Lansing, call us today at 517-487-6603.
Make Copies Of Everything Before Your Divorce
Gather every document in your house that is related to finances, and make a copy of it for your own records. This might be an arduous undertaking, but it will be worth it. Keep in mind: If the process takes less than an hour, you’re probably forgetting something.
Copy everything from tax records, pay stubs and credit card statements to stock certificates, loans documents and bank statements. Leave no stone unturned.
Start Paying Attention To Your Credit Score
If you relied on your spouse’s credit for major purchases, it’s time to start building up your own credit score. Forbes reminds readers that it’s difficult to secure loans in any amount if your have bad credit, or none at all. Start out by obtaining a credit report and look at it closely.
Search for any mistakes that need correcting, and develop a plan to raise your score as high as possible. Also, close any joint accounts to protect your score during the divorce.
This is the perfect time to establish a personal financial identity. Get your own checking and savings accounts, and apply for a credit card that is solely in your name. Using and paying off your credit card is one of the best ways to build your score.
Stay On Top Of Your Taxes
Filing your taxes as a recently divorced person can be challenging, so make sure to keep an accurate record of expenses, personal income and the division of your assets. Divorcing will have tax ramifications, so it’s a good idea to consult with a financial professional to make sure you stay on track, and avoid any surprise fees.
As you compile your financial documents and build your individual financial identity, keep in close contact with your attorney to ensure that you’re doing everything correctly.
At the Law Offices of Stuart R. Shafer, P.C., we are well versed in many areas of divorce law, including alimony, pre- and postnuptial agreements and child support. We will help you plan for your new life by advising you on what to expect during and after your case. To get started, schedule a consultation with us today by calling 517-487-6603.