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5 Essential Divorce Planning Tips

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5 Essential Divorce Planning Tips

Divorce planning can be crucial to protecting your interests and getting your case started on the right foot. If you are considering filing for divorce, below are some essential divorce planning tips that can help you better prepare for the upcoming legal process while positioning yourself for a successful outcome.

Here’s What to Do When Planning to Divorce…

1 – Gather and Make Copies of These Financial Documents.

The following financial documents can be key to compile and copy because they can provide a better picture of the marital assets/financial situation:

  • Tax documents (for the past few years).
  • Bank statements and paystubs.
  • Retirement account statements.
  • Credit card, loan and other debt-related documents.
  • Prenups and postnups.

2 – Set up Accounts in Your Own Name.

If you don’t already have a checking and savings account set up in your name alone, then doing this is another important divorce planning step to take. This is because it’s not uncommon for people who know a divorce is coming to drain joint accounts in an effort to try to deprive their partner of funds (that could be used, for instance, to retain an attorney).

So, don’t let this happen to you. Get your own accounts set up ASAP so you have access to the funds you need when you need them once you file for divorce.

3 – Close Joint Lines of Credit.

Just as bitter exes may try to drain mutual accounts of funds, they can also try to run up joint lines of credit to intensify a partner’s financial stress prior to and during divorce. So, prevent this from happening by closing any joint lines of credit you have open.

4 – Start Building Your Savings Up.

Because divorce can take months (or possibly longer) to resolve, having a savings account to draw from can be crucial to helping you stay afloat as you work towards getting a final divorce decree. So, start saving as much as you can right now. Some experts suggest saving as much as 6 months’ worth of living expenses to ensure you have enough financial support moving forward.

5 – Contact a Lawyer ASAP.

The above steps are not the only steps that you may need to take before filing for divorce (depending, of course, on your situation). Therefore, it’s crucial to contact a lawyer as soon as you know you want to file for divorce so that you can understand what else you may need to do to protect your interests moving forward.

Scottsdale Divorce Attorney at the Law Office of Karen A. Schoenau

Are you ready to proceed with a divorce? If so, you can rely on Scottsdale Divorce Attorney Karen Schoenau for honest answers, effective representation and the best possible outcomes to your case. Since 1987, Karen Schoenau has been committed to helping people resolve their important family law matters, including complex cases related to divorce, custody, paternity and other issues.

To receive professional advice and learn more about how we can help you, schedule an initial consultation with Attorney Karen Schoenau at the Law Office of Karen A. Schoenau. You can set up this meeting by calling 480-467-3435 or by emailing us using the drop-down contact form at the top of this page.

From her offices based in Scottsdale, Attorney Karen Schoenau represents clients throughout the metropolitan Scottsdale area, including Scottsdale, Mesa, Surprise, Maricopa County, Pinal County, Gila County and throughout the state of Arizona.