Think about these financial matters when divorcing

On behalf of Gary Kirk of Kirk Montoute LLP posted in Family Law on Wednesday, December 23, 2015.

There is no question that going through a divorce can be one of the most stressful experiences someone will endure. While there are usually multiple matters that need to be resolved, financial matters are the focus of many. These matters can be far reaching and should not be ignored. In this post we will discuss some of the ones that individuals divorcing should be aware of.

The first is to inventory you assets and debts. Documentation that supports this information should be gathered. In addition to investment account statements, pension savings and Registered Retirement Savings Plans, insurance policies, mortgage papers, credit card records and tax returns should be pulled together. It is also a good idea to pull out your will.

Second, prepare financially for the next six to 12 months. Old accounts should be divided and closed and cash should be made accessible. Each person should have an account with their name on it only. Along those same lines, in the course of the divorce, be sure to make payments on the bills you owe.

Any debts that are owed should be paid off as soon as possible. Open a new credit card prior to closing any joint accounts that exist.

When children are involved, work through matters involving child support and custody. While it is generally best for parents to work together to accomplish this, when that is not possible a court will make that determination.

Because all matters related to a divorce should be taken seriously, it is important to work with a lawyer who has handled divorce cases in the past.

Related Posts: Understanding home ownership and property rights in a divorce, Travelling without children during a family law dispute, Set boundaries and rules to protect kids from child custody drama, Protecting credit amidst a family law dispute