You don’t wake up one day and decide to divorce and then head to court. Ending a marriage is not an overnight process. Just as you never started the relationship in one day, ending it doesn’t come easy either. Before one decides that divorce is the only solution, it’s vital to consider the best time to start the process. To any divorcing couple, the question of which is the best time to divorce is relative. Every divorce is unique. One of the main reasons that seem to cover all is that divorce is an expensive process. Thus, one needs to be financially stable if they want a smooth process. You may also need to learn how to avoid the money missteps during a divorce.
How To Prepare For Divorce Financially
If divorce seems the only option you have, you may be wondering the best options to take to end your marriage. To some couples, no amount of marriage counseling may turn their divorce thoughts aside. But one thing one cannot afford to step into divorce without is legal representation. In any divorce, money issues, children, debts issues have to arise. Without any legal information on how to handle such situations, the process may drain one emotionally and financially. That’s why it’s always advisable to hire family lawyer in Toronto to help prepare for divorce financially. You don’t have to let the issue of divorce overpower the ability to focus on what you need for a smooth divorce. Below are things you can consider for a smooth divorce process:
- Know your financial situation: It’s not a wise decision to get involved in a divorce without knowing where you stand financially. Remember that any assets you acquire during the marriage must be divided. It becomes hard to get a fair share if you don’t know what you have. You also need to know about your debts. If not sure where you stand, you can request a credit report to understand what you owe and whether your spouse may have created some debts under your name.
- Ensure you have access to all the financial documents needed during divorce: It pays to have all your documents organized as this saves time and money. These documents include:
- Paycheck stubs and any other employment records
- Incomes tax returns
- Bank records including loan statements
- Retirement savings account records.
- Any other investment record
- Don’t change any financial information: You may be tempted to start adjusting information on your life insurance beneficiaries. If you make changes before a divorce, this could be used against you, and the judge may award your spouse instead. For any change you may need, consult first on how to tackle the situation until the divorce is finalized.
- Don’t get into the divorce process alone: No matter how prepared you may feel to have all the records in place, this is just a small beginning. There is so much to a divorce. You require legal representation to help you tackle your financial and emotional aspects. It would help if you had a good divorce lawyer. The lawyer can then get the best financial advisor to ensure you understand the potential financial pitfall you should avoid.
Getting Started With Your Divorce
Before starting up your divorce, you need to know how the law may apply to your case. Besides, you also need to protect your rights. Every state has requirements that must be fulfilled before ending a marriage. Canada is not an exception. If you are sure that you can have access to every vital record, you now need to ensure you have met the Canada residency requirements before filing a divorce petition. You must show that your marriage is over, and you have reached a point of no reconciliation. The law requires that:
- You have lived apart for a year before proceeding with your divorce.
- There was an issue of physical or mental cruelty.
- There was an issue of adultery.
You will be required to fill the right forms depending on the province or territory you live in. If not sure about the process or any fees required, it would be a good idea to seek legal guidance before filing your petition and know how to apply to court for a divorce.
Making Your Divorce Process Smooth
Divorce issues are complex. Again, there is no one-size fit answer to the divorce questions. You need one to consult with an experienced divorce lawyer to help you decide whether to change accounts or move your money elsewhere or which pre-divorce financial step you should take. Divorce will not only cost you in the short run, and this is a step that will affect your financial life afterward. You need to look for that experienced lawyer who will not only tackle your current financial situation but have ways to help you face the future financially stable.