Getting a divorce is not an easy decision to make for any couple. There are many things to consider, like your finances and what will happen to your children once the divorce pushes through, making the process more complicated and overwhelming. But if you’ve already decided and have already expressed your interest to file for a divorce to your partner and divorce lawyer, then you need to be ready. Here are some of the preparations you need to make to ensure that everything goes smoothly before you ultimately part ways with your partner.

1. Organize Your Financial Records

As mentioned before, sorting out your finances is part of the divorce process and is actually one of the messiest parts of it. Every couple has their way of dealing with this, but it’s best to take charge of your own finances, so you’re not left in the dark. Begin by gathering all the financial information pertinent to your situation and ensuring that you have clear and accurate records of everything. Gather all the documents and make sure you make extra physical copies of them and even digitize the documents, so you have a backup. Some of the documents you need to look out for are:

  • Bank Statements
  • Credit Card Statements
  • Mortgage Statements
  • Loan Applications
  • Property Tax Bills
  • Investment Account Statements
  • Tax Returns from the Last Three Years
  • Retirement Account Statements
  • Credit Reports

Basically, any piece of information that has any sort of bearing on your current financial situation should be gathered. This is important to make sure that you and your partner will have a fair and acceptable split of your finances.

2. Re-Establishing Your Individual Credit History 

Being married means everything will be shared between you and your partner, even your credit history. Whatever credit you’ve built up before the marriage will be affected by whatever marital decisions you make while you are married. Now, however, your divorce puts you back to having your own credit history. Remember those times where you’re just opening your first bank account or getting your first credit card? The experience feels similar after getting a divorce, which means you have a lot of paperwork to process and accounts to re-establish, so you better get to it as soon as possible.

3. Close Joint Accounts 

In a divorce, you’ll be opening your own account again as well as closing any joint accounts that you may have with your former partner. To make sure your transition goes as smoothly as possible, you need to be proactive about this and close the accounts whenever you can. This makes sure that you keep your money secure until the financial split has been finalized legally.

4. Look at All Your Divorce Options 

Divorce can be quite messy and chaotic if you’re not careful. That’s why you need to be prepared and examine all your options since they can end in several ways. To make sure you don’t get that short end of the stick, go into the process of understanding your rights and responsibilities. A divorce lawyer will help you get through all of that and give you advice and what options would be in your best interest. It also pays to do some research on the different divorce outcomes and discuss what you can do with them with your lawyer.

Conclusion 

There are quite a few things in life that are tougher than getting a divorce. That’s because of all the financial and legal consequences of going through, which could either end in your favour or not. The only sensible way to get through a divorce is to prepare for it as soon as you can. With this guide, you’ll have a better idea of what to expect and how you can work around the legal and financial consequences.

Dreyer Davison Family Lawyers is a team of experienced professionals with more than 90 years of combined experience in the industry. Our team works hard to assist clients with matters involving family law, residential conveyancing, and wills and estates. If you need legal advice, don’t hesitate to call. Contact us today to schedule an appointment.