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Michael A. Johnson
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Getting finances ready for a divorce

| Jun 8, 2017 | Divorce |

Couples in Arizona who are considering getting a divorce should consider the effect a separation could have on their finances. In order to prepare their finances for a divorce, there are certain steps that each party should take.

People who are getting a divorce should be careful of whose financial advice they follow. For those who are unsure about whether it is appropriate to move money or change accounts immediately before a divorce, they should seek the council of a licensed attorney in their state.

Keeping track of expenses is another task for divorcing individuals. Noting one’s household income and expenses can be helpful when creating a budget to use after a divorce. It can also play a significant part in the determination of how debts and assets will be allocated and if child support or alimony will be awarded.

Gathering the documentation for all solely owned and jointly owned financial accounts is also a must. Because getting all the necessary paperwork can be time consuming, it is important to start as soon as possible. The documents collected should include those pertaining to retirement accounts, investment accounts, checking accounts, loans and credit cards.

Both spouses should also be prepared for the other party not willingly releasing financial document unless they are legally compelled to do so. This could be likely if one spouse controlled the finances. If necessary, an attorney may have to be asked about having a judge order the documents to be submitted.

A divorce attorney may assist clients with resolving disputes regarding asset division, child support, spousal support, visitation plans and other divorce legal issues. Depending on the factors of the divorce case, the attorney may engage primarily in either negotiation or litigation to obtain the desired settlement terms for a client.

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