5 Financial Benefits of Filing for Divorce First
Don’t know how to file for divorce? While there are many advantages to filing for divorce first, only an experienced divorce attorney will be able to tell you what’s best for your unique situation.
Continue reading to learn the 5 benefits of filing for divorce first and what you can expect from the divorce process. If you have any additional questions, feel free to reach out to our office and we will be happy to help.
Benefits of Filing for Divorce First
Avoid Being Blindsided
We’ve had clients who’ve felt blindsided by spouses suddenly announcing they’d like a divorce. However, most of our clients get a sense that the marriage isn’t doing well long before this happens. If you suspect you could be getting a divorce soon, we recommend hiring our family law attorney as soon as possible to explore your legal options.
Gather Financial and Legal Documents
Does your spouse control the finances? If so, it’s especially important you have copies of financial and legal documents before filing for divorce. In an abusive relationship, one spouse may control the finances to make it harder for their partner to leave. If you suspect your spouse is planning to file for divorce, get copies of all important documents now. It’ll be much easier to get ahold of these documents while you still have access to the family home.
Documents you’ll need include:
- Bank and brokerage statements
- Tax returns
- Insurance policies
- Wills and trusts
- Retirement account statements
- Real estate records
- Vehicle registrations
- Other important documents (Ask our divorce attorney.)
Assemble Your Divorce Team in Advance
Depending on your circumstances, you may need an entire team to get through the divorce process. Not only will you need our divorce attorney, but you may also benefit from hiring a divorce financial analyst, therapist, or vocational expert. Our divorce lawyer can help evaluate your needs to determine your next steps.
If you own a business, a divorce financial analyst can help you prove that your company’s finances didn’t commingle with the family’s. Our divorce attorney will do everything he can to help protect your business.
Ensure Access to Money and Credit
Do you have a credit card that’s just in your name? If not, now’s the time to get one. Divorce can be expensive, especially if you suspect your spouse will be uncooperative. Since getting a divorce could indirectly lower your credit score, you’ll have a much easier time getting credit before you file. We also recommend setting aside money to use for expenses during the divorce process.
Prevent Spouse from Hiding Assets
The sooner your spouse anticipates getting a divorce, the sooner they could start hiding assets. While you may not want to believe your spouse is capable of hiding assets, it’s important to prepare for every possibility. Our divorce attorney will be able to help you anticipate legal troubles so you can plan your next steps accordingly.