Organizing Your Finances Before Divorce Can Save You Money (Part 1)

June 12, 2013

Divorcing couples who are able to get their finances in order prior to filing for divorce can save themselves hundreds to thousands of dollars in future attorneys’ fees.

Divorcing couples who are able to get their finances in order prior to filing for divorce can save themselves hundreds to thousands of dollars in future attorneys’ fees.

Divorce is an inherently stressful time that can be made all the more difficult when a couple’s financial matters are in disarray and lawyers and courts are brought in as middlemen to sort out these matters. While it may not be possible for all couples to get their finances organized before divorcing, especially in cases when one party surprises another with divorce or the proceedings are particularly acrimonious, for couples who are able to work together prior to filing, getting their finances in order can save them hundreds to thousands of dollars in lawyers’ fees down the line.

Tips for Getting Your Finances Organized Before Divorce

Some of the things that soon-to-be divorcing parties can do to organize their financial matters before filing for divorce include:

  • Assembling documents related to mandatory financial disclosures – Divorce courts will require that divorcing parties submit proof of each of their incomes, assets, debts and other liabilities. Such documentation can specifically include copies of pay stubs, mortgage agreements, loan documents, deeds or titles to property, etc. While a divorce lawyer can help get these documents together, it can be cheaper for divorcing couples to work with a certified divorce financial analyst if they need guidance.
  • Calculating expenses related to children – If the divorcing parties have children and custody or child support will be an element of the upcoming divorce, divorcing parties can do some of the preliminary groundwork themselves by calculating how much money is needed to care for the child each month. Such expenses can include child care, medical bills, clothing, food, shelter and other costs. Having an estimate of expenses related to children can give divorce attorneys something to work with (instead of having to develop these numbers themselves and charge divorcing parties for their time).

If you are planning to file for divorce and need some assistance getting your financial matters in order, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. Our experienced legal professionals are committed to providing each of our Clients with the financial assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible. For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950.

Categories: Bankruptcy, Blog, Divorce, Finances