Practical Tips To Prepare For A Divorce Settlement

Divorce hearing and settlements can be a long and strenuous process. The best strategy to help ease the strain is to prepare for it well in advance. Early preparation will ensure a smooth process. If you have filed for divorce or have separated with your spouse, begin planning for the settlement by following the tips below. Planning in advance will also give you better negotiating power.

1. Prepare Financial Information

You need to gather the following financial documents as they will be relevant to the process:

  • ·         Salary information
  • ·         Bank statements
  • ·         Annual tax returns
  • ·         Superannuation statements and accounts
  • ·         Car valuations or loan information
  • ·         Mortgage documentation for all investments, including the maritalhome
  • ·         Documentation pertaining to any loans or debts whether business investments or personal.
  • ·         Insurance documents (health, cars, property and life).
  • ·         Documentation on family loan agreements, compensations claims and inheritances

Ensure that you keep these documents safe; you could also entrust them to your lawyer.

2. Calculate Future Costs

Divorce settlement is mainly about division of property and assets. Before you begin any negotiations, whether directly with your partner or through mediation, you need to calculate future costs. You can use previous utility bills and bank statements to help you arrive at a correct estimate. You may also choose to bring in a financial expert on board to help with future financial restructuring and asset planning.

3. Get an Agreement that None of Your Assets Will Be Disposed Of

If any of your assets are in the name of your spouse, seek to get an agreement in writing that they will not be sold. Any sales must have your written consent. You may go ahead and put a caveat on any of your property that is in your spouse's name. In case you have separated assets, you can write to your creditors stating that you will not be held liable for any debts incurred by your partner.

4. Seek Legal Advice

Always remember that you are entitled to legal advice. On your own, you may not understand or comprehend all the legal intricacies involved in divorce settlements. Again, remember that your former partner has entitlements, too. In light of this, you need a professional opinion to help you understand what you can reasonably expect once the proceedings begin.

5. Bonus Tip--Consider Your Children

Divorce is often marred by bitterness and anger, which can cause partners to make selfish decisions which are not in the best interest of the children. Children are entitled to their mother and father. As you divide the property, ensure that your partner will be comfortable enough to be able to care for your children and house them.

For more information, contact a firm such as Crawford Ryan Lawyers Pty Ltd.