Going through a divorce is a difficult and challenging experience. Divorce process is like a storm that you must weather in order to get to a safe harbor and commence life anew. In order to withstand challenges that this dramatic event brings, you must find a reliable professional, a companion, who will help to guide you through rough waters.
Before consulting with a lawyer, it is important to take inventory of your assets; including ones accumulated before and during marriage. It is true that assets acquired before marriage are considered separate property. However, they may become a part of marital res under certain circumstances.
If you have children, it is also important to determine who will become a custodial parent and which parent will have physical custody of the children. Of course any discussion regarding children must also include child support.
On the topic of support, you must determine whether you are eligible to receive or whether you will be mandated to pay spousal support. Depending on financial circumstances of the parties, the proverbial monied spouse maybe directed to pay non-monied spouse’s attorneys’ fees.
In addition to issues of child support and custody, how will you handle vacations and holidays? Who will claim the children as a dependent for tax purposes? One or both spouses may need to maintain life insurance policies that list the other spouse as a beneficiary. You will also need to review the beneficiaries of your other accounts.
There may also be tax consequences associated with the transfer of retirement savings from one spouse to the other; as well as to paying or receiving alimony.
One of the most difficult decisions is working out who will remain in the current residence and who will move. Provisions may need to be made for one spouse to “buy out” the other and to transfer the title to the property.
During the often tumultuous process of divorce, there may be issues you’ve never considered that we can help you address.Get Started Today