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  • Financial Advice to Consider Prior to Filing for Divorce (Part 1)

    Couples who takes steps to get their finances in order prior to filing for divorce can save themselves thousands of dollars.

    Couples who takes steps to get their finances in order prior to filing for divorce can save themselves thousands of dollars.

    While divorce is generally an emotionally stressful time for any couple, it can also create an incredible stress on couple’s finances. In fact, divorce is one of the primary factors that causes many Americans to be plummeted into serious debt, and it is one of the top reasons that many Americans ultimately find themselves needing to file for bankruptcy. This is because, while divorce itself can be an expensive process, it can also leave individuals burdened with their ex-spouse’s debts, which can damage their credit score and weigh them down with old financial obligations for years to come.

    However, if divorcing couples take the time to get their finances in order prior to filing for divorce, they may be able to save themselves from having to suffer incredible stress and from having to pay thousands of dollars down the line. Some of the things that divorcing couples can do to get their finances organized prior to filing for divorce include the following:

    • Compile all necessary financial documents – While a divorce lawyer can gather all of your financial documents, these attorneys can charge you hundreds of dollars per hour for something that you can likely do yourself. Some of the relevant financial documents that will be important to compile will include mortgage and loan agreements, pay stubs, tax documents, deeds or titles to property, bank account and credit card statements, insurance policy documents, etc. These documents will later be used during divorce proceedings to establish the couple’s assets, debts and each party’s income.
    • Have appraisals done on all marital assets – Having a professional estimate of the value of your home(s), car(s), jewelry, artwork and other assets will save you large amounts of money in divorce attorneys’ fees. Additionally, it can also help divorce proceedings progress more quickly, as this discovery work will already be done, allowing the family court judge to focus on the division of assets sooner than would otherwise be possible.

    Colorado Bankruptcy Lawyers

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    
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