Whether Utah residents decide to end their marriages, have a suspicion that their spouses want to do so or are completely surprised by the request, certain steps should be taken before moving forward. One of the central issues in nearly every divorce is finances. Without the appropriate preparation, any attempt to divide the marital property fairly and equitably could be in vain.
As the saying goes, “knowledge is power.” Understanding the family’s complete financial picture often creates an advantage at the negotiation table or in court. This requires gathering as much documentation as possible on the assets and liabilities a Utah couple shares. Even those assets and liabilities that may be considered separate property need to be identified.
Some of this information could be gathered through the mail, but it’s also important to search for online accounts as well. Once all of the information is accumulated, each party may want to begin establishing separate accounts for after the divorce. Many couples have joint bank accounts, credit card accounts and the like. The sooner these are separated, the sooner that each party may begin accumulating separate assets and credit ratings apart from the other spouse. These and other financial decisions will have a significant impact on the future for each.
Knowing what steps to take in preparation for divorce can help ease some of the fear and stress involved in divorce proceedings. In order to help avoid missing an important step, it may be a good idea to consult with a family law attorney. The lawyer can help formally initiate the divorce, and can also guide and assist an individual as he or she moves through the process.
Source: businessinsavannah.com, “Hubbard: Avoid common mistakes before divorce“, Sam Hubbard, May 19, 2017