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.
Preparing for a divorce financially by following the tips listed above will save you a lot of time and money, and will also make the process a little less stressful.
At Simon Law Group, a firm concentrating in Phoenix family law, we have successfully represented a multitude of clients in difficult divorce proceedings. Throughout our almost three decades of experience, we have established a strong legal reputation in the community, and will continue to uphold this reputation by fighting aggressively for the interests of our clients. To schedule a free consultation with a Phoenix alimony attorney or Phoenix family law attorney, please call Simon Law Group today at 480-745-2450 or contact us online
for more information.