Aside from ending a Marriage, a Divorce has many moving parts. One of the most important aspects to be aware of is your finances. In many relationships, only one spouse is in the know about income, debt, recurring payments, loans, etc. In order to move forward separately, both parties should be aware of assets and liabilities that relate to their personal finances.
When a potential Client comes to us with the intention to move forward with a Divorce, there are several documents that he or she will need access to as the process progresses. Keep reading to learn more about the specific components that relate to financial awareness when going through a Divorce.
We ask our Family Law Clients to verify all sources of income, assets, liabilities, and expenses. Having a detailed list of bank accounts, retirement accounts, real estate, investments, and personal property is necessary in preparing the Financial Affidavit. For those who don’t know, a Financial Affidavit is considered to be the most important financial document in a Family Law matter. Its purpose is to determine the income, assets, liabilities, and expenses of each party, including any costs associated with minor children. The information mentioned above will be necessary in determining potential Alimony and Child Support.
Do you have future financial goals? What will your living expenses be once the Divorce is finalized? Factors such as housing, healthcare, and education costs may contribute to your monthly expenses. Identifying your needs and setting clear financial goals, will allow you and your Family Law Attorney to determine if Alimony is necessary or appropriate for your case.
For complex financial situations in a Divorce, your Family Law Attorney may connect you with other professionals who can help. A Financial Advisor or a Forensic Expert can assist in evaluating the division of assets, managing tax implications, and creating a budget for life after Divorce. Their knowledge will help prepare a plan that is realistic and tailored to new circumstances.
A fair division of assets is essential to your financial well-being. Your Family Law Attorney will work to negotiate a settlement that equitably divides Marital property. This includes not only physical assets, but also debts and liabilities.
Remember, you don’t have to handle the details of your Divorce alone. Experienced legal representation will help ensure your financial interests are protected. The Marks Law Firm, P.A. – Family Law & Divorce Attorneys can help you understand your rights and address any financial concerns related to your case. Call our Team today to schedule a Consultation.
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