Monday, April 18, 2011

Preparing for divorce

You need a clear picture of where you and your spouse stand financially. One of the primary goals of the process of divorce is the equitable distribution of marital property and debts. In order to get the fair share is imperative that you know what is and what is owed. This is a two-step process:

Determine what you have:

Some marital property are obvious. It is clear that the marital home, any financial accounts and vehicles are activities should be divided equally. Other activities are not so obvious can include artwork, pension plans, inheritance or belongings brought into the marriage.

You should make a list of all possible resources. Collect all documentation regarding each well, including the present value, when and where the asset was purchased and if it was purchased with funds separate or joint. Want a copy of any recent evaluations. Flip all the documentation to your lawyer. Be sure to keep a copy for yourself.

Determine what you need to:

When determining what you owe no matter whose name are in debts. Conjugal debt will be divided based on who is more financially able to pay the debt, hence the name, is in debt. The easiest way to determine the conjugal debt is to get a copy of your credit report. Debts that you will be listed on your report. You will also be able to find out if there is.

Once you determine which debt exists you must obtain statements on all open accounts with the balance to show. When you enable this information to your lawyer, don't forget to keep copies for your files.

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