Coloradans who have decided that their marriage is at its end will have a great deal to consider as the divorce process moves forward. Along with the emotional upheaval that inevitably accompanies a divorce, there are a litany of other issues that cannot be ignored. That includes children, support, asset division, marital property and much more.
Financial matters are critical and there are certain aspects that must be factored in regardless of whether it is a couple of more modest means or a prominent couple with significant assets. Knowing what to think about can smooth the entire process and enhance preparation.
Assets and debt are key. In relationships where one spouse is the primary breadwinner and deals with all the finances, the other spouse could be left in the dark as to what assets they have and what they owe. Not knowing these vital points is disadvantageous.
Before divorcing, it is wise to gather this information. Strategies to do so include checking credit scores, keeping a close eye on mail, and looking over statements. Budgeting is always advisable. The standard of living will be crucial toward the court deciding how much spousal support will be paid. That can include basics such as groceries and rent or a mortgage. Other issues such as entertainment can also be important.
In many relationships, there are joint credit cards with one spouse being the main cardholder. The other spouse will not have a credit score or history. If a divorce is under consideration, the spouse who is without a credit card in his or her own name should set about getting one. Putting money aside is imperative. It is inevitable that problems large and small will arise. Having a minimum of one month’s living expenses available in the event of an emergency is always smart.
Finally, having legal assistance is a must. This is a part of the process that is surprisingly ignored in many cases. People might think they can work out the agreement on their own and believe that the cost of an attorney is not worth the benefit. This is a mistake. A legal professional who understands all the aspects of divorce can help with a case. Before taking that next step in a dissolution of marriage, calling a law firm for guidance and advice is vital.
