4 necessary steps to prepare your finances for a divorce

If you’re thinking about getting a divorce, there’s a good chance you’ve been considering this for some time. Many financial considerations need to be prepared well in advance of a divorce filing.

Keeping careful records of your finances

Louisiana has community property laws. Taking the necessary precautions of organizing your finances can provide substantial financial protection, especially if your spouse attempts to conceal assets or make a claim on a property acquired before your marriage. Here are four steps to take when getting your finances in order:

1. Collect your finance documentation/records: You will need to present five years’ worth of records of pay stubs, tax returns, benefits documentation, bank account statements, property titles, mortgage information, lien information, investment portfolios. It is essential to do some of this work before you file for your divorce in the case that your spouse might not be forthcoming or release some documentation.
2. T ake stock of your assets: Make an inventory of your property and assets. Make a note of property that is separate from your spouse (i.e. bought before the marriage, inherited or otherwise). For loose items, without documentation of purchases, you should take photos (ideally with a digital camera that assigns dates and times to pictures).
3. Keep track of credit statements and credit reports: You need to know where you stand and if anything changes based on your spouse’s behavior before and during the divorce procedures. A legal separation could help to determine how you and your spouse can spend money until your divorce is settled.
4. Reduce spending: You will need money for your divorce and your life without your spouse’s income, so start saving. Cut costs anywhere you can to improve your rate of savings accrual. It may be wise to start a bank account separate from your spouse leading up to a divorce.

Preparing for a better future

Each divorce has its unique requirements, adjustments and financial reworkings. Even the most well-organized people make mistakes in readying their finances for divorce. No matter what your relationship is with your spouse, you will need a skilled family law attorney with in-depth divorce law experience. Protect your future by making sure your finances are in order before going through with a divorce.