<![CDATA[If you are considering filing for divorce, it is essential that you prepare for the road ahead. Prior to initiating divorce proceedings, you should schedule a consultation with an experienced Phoenix family law attorney who can advise you of your legal rights and financial consequences under Arizona divorce laws. Having a firm understanding of Arizona divorce laws, including Arizona spousal maintenance factors, can help you tremendously in navigating the difficult process. While there are many important issues that need to be addressed in a divorce, one of the issues that should take priority is that of finances. Simon Law Group, a Phoenix family law firm, would like to share the following list of financial tips to consider in preparation for divorce:
- Know your complete financial picture including assets, debts and monthly expenses. As part of the dissolution process, you will need to prepare an Affidavit of Financial Information, which details your monthly living expenses.
- Make sure you have sufficient cash on hand to protect yourself in the event that accounts are closed or frozen as it may takes several weeks or longer to obtain a support order and begin an income stream.
- Retain sufficient financial records, including bank statements, credit card statements, mortgage bills, insurance policies, three years of tax returns and investment accounts and statements.
- Establish your own bank accounts once you are certain that the divorce is imminent. You should also request that your employer change the direct deposit to your new separate account to insure a financial stream.