Pre-Divorce Suggestions of a Denver Divorce Lawyer
However, about 4 in every 10 marriages end in divorce
. And many times, the aftermath of the divorce can have severe financial consequences on one or both parties. The problem many spouses face is that they become utterly lost once the idea of divorce is put on the table. This can be dangerous, since divorce settlements can have lasting effects on one's quality of life for years afterwards. It is important to be vigilant in the preparation for a divorce.
A Denver divorce lawyer can help you in the early and later stages of the divorce process. Your Denver divorce lawyer my suggest some of the following ways to better prepare yourself in the case of a divorce:
1. Keep Non-Marital Assets Separate
One of the first steps to take when divorce becomes imminent is to separate your non-marital assets. In most marriages, many of the assets cannot be easily claimed by one of the parties or the other because they were gained or changed/improved during the marriage. If you are worried you may loose ownership of certain assets as a result of the divorce, be sure to gather any receipts or documents you have regarding those assets. These will help the court proceedings run much smoother. Your Denver divorce lawyer will have more information about the claiming of assets.
2. Establish Your Own Credit
A Denver divorce lawyer may also suggest that you establish your own credit by putting your name on any household accounts or investments. It also helps to have a credit card in your name. This will increase your chances of finding loans or mortgages following the divorce.
3. Review Your Financial Holdings Regularly
Be sure to keep separate records of your financial holdings whether they are in your name or your spouse's. This includes bank accounts, land purchases, stocks, IRA's, etc. Keep track of where these records are so you and your Denver divorce lawyer have access to them during the divorce proceedings.
4. Time Your Divorce
Certainly no one plans for a divorce to happen, but when you decide to separate can play a big role in various ways. For instance, if you are the non-working spouse in a single income family, you may not earn enough money to qualify for Social Security when you hit retirement age. However, if you are married for at least 10 years and don't remarry, you may be able to gain Social Security based on your ex's earnings when you reach age 62.
5. Close Joint Accounts
If you find a good Denver divorce lawyer early in the divorce process, he/she will surely suggest that you contact any joint-credit-card companies you have worked with and freeze any accounts you and your spouse share. If you do not take this precaution, you may find yourself responsible for any new charges your spouse makes on those accounts, including divorce attorney fees. Keep in mind that, upon closing the account, any outstanding charges must be paid. Once again, keep track of all the records from these transactions and tell your Denver divorce lawyer about any developments.
6. Hire an Experience Divorce Lawyer
Naturally, one of the best ways to ensure a smooth divorce process (if a divorce process could ever be considered smooth) is to be sure your Denver divorce lawyer is very experienced. An experienced lawyer will be able to steer you away from common mistakes that could have severe consequences.
Pre-Divorce Suggestions of a Denver Divorce Lawyer
By: familylaw
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