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Attend to the priorities when you are facing divorce

On Behalf of | Oct 7, 2020 | Family Law

Having made the decision to divorce, you likely feel overwhelmed. It may seem that everybody understands the process but you.

If you approach divorce with the proper mindset you will do well. Become organized, attend to the priorities, and know you are equal to managing what lies ahead.

List your assets

Your marital assets are those items that you and your spouse acquired after you married. Separate assets are those that belong to you alone. These include anything you owned prior to your wedding day or that you received even after marriage as a gift or an inheritance. Obvious assets are the marital home, other real property and your vehicles, but do not forget jewelry, collections, furnishings and other valuables.

Determine your debts

You must also list what you owe. The easiest method is to obtain a copy of your credit report since any debt you have will appear there. In the property division process, it will not matter whose name is on the item; the court will divide marital debt according to the party best able to pay it.

Prepare your after-divorce budget

Gathering information about your debts will provide you with greater knowledge about your current financial circumstances. You can use this to help create a new post-divorce budget.

Be a role model

Divorce is not only about the financial side of your breakup, the assets and debts. For example, the court will focus on your character and integrity, especially if you have children. Along with addressing your other priorities, resolve to be a role model and you will competently manage both the divorce and all that lies ahead.