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How to prepare for a high-stakes divorce

On Behalf of | Oct 24, 2023 | Family Law

When you make the decision to end your marriage, you know that this choice is going to have trickle-down effects on most areas of your life. You may not be able to remain in your home, and you may have to make changes to how often you get to be with your children. Your financial circumstances are also likely to change, and it is critical to prepare appropriately for everything that is ahead of you

One of the most important things you can do for the benefit of your future is to take the time to look ahead and get ready. A few simple steps before you move forward with your divorce will allow you to navigate the process with confidence. You will also be able to make smart decisions that will benefit you and your children for years to come.

Facing the future

Making the decision to file for divorce in Arizona is only the first step. After you decide to file or to respond to your spouse’s divorce petition, it is time to take the appropriate steps to protect your legal and financial interests. Every divorce is different, and even if you believe that yours will be cooperative and amicable, the following steps will be beneficial:

  • Begin gathering the appropriate financial documents that you will need in order to have an accurate picture of your assets and liabilities.
  • Determine which of your assets could be marital property, which means subject to division in your divorce.
  • Make a list of all your marital debts for which both parties may be responsible.
  • Determine your income and make a budget that will allow you to adjust to your post-divorce circumstances easier.
  • Close joint accounts and credit cards, and begin establishing your own credit.
  • Avoid making important financial decisions until you understand all the potential implications, or wait until after the divorce is final.

The end of your marriage is going to change your life in many ways, but that does not mean that you don’t have the ability to lay the foundation for a strong future. If you are unsure of how to move forward, you may benefit from seeking an assessment of your case and an understanding of the specific legal options available to you.