The divorce process involves the division of all marital assets. Those who are going through a divorce can take steps to better ensure a fair split. Three examples include:
- Get paperwork in order. The easiest way to split property is to know exactly what you have. It is helpful to gather paperwork for savings accounts, retirement accounts and investment portfolios, business interests and real estate. Assets owned during marriage are often divisible during divorce. However, the court cannot divide missing assets. Having the paperwork ready can reduce the time and frustration of gathering everything during the divorce process.
- Track spending and develop a budget. Keep track of how much you spend on housing, insurance, travel, childcare and other expenses. Having these figures handy will help to negotiate appropriate child support and alimony amounts. Keep copies of bills from childcare, extracurricular activities, dental expenses, health care costs and the like to support the proposed amounts.
- Keep an eye on credit reports. It is a good idea to regularly check credit reports and the balance on joint accounts to make sure one spouse is not actively attempting to diminish assets or tank your credit standing. The court may take into consideration a spouse’s actions if that spouse is actively attempting to hurt your financial standing during the divorce.
These are just a few considerations to keep in mind when gathering paperwork to propose a fair split of assets. An attorney experienced in this niche area of the law can review your situation and tailor a strategy to your needs, better ensuring you get what you deserve when the divorce is finalized.