Cash Flow Planning for Life

The Petition for Dissolution of Marriage is the first document filed with the clerk of the court in your county, which starts the divorce case. It basically formally asks the court to end your marriage. In the petition, you will have to plead all of the facts required by your state’s law in order to entitle you to the outcome you are seeking.

In most states, you will have to include when and where you were married, how long you have resided in the state, information about your children, and may have to include grounds for which you seek a divorce. (In Florida, you are only required to state that your marriage is “irretrievably broken”, which is considered grounds for divorce.) Residency requirements and grounds for divorce vary from state to state.

The steps you will take in a divorce case depends on whether you are the “petitioner” or the “respondent”.

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You should have your financial documents in order prior to beginning the divorce process. Before you even go into the first appointment with your attorney, you should have a clear understanding of where you and your spouse stand financially. It is best to bring in your accountant or a professional to assist you in this step.

Both parties in a divorce will be required to complete a financial affidavit to determine your income and expenses. If you have your financial documents in order prior to completing this, it will save you a great deal of time and headache.

Here is a list of financial documents you will need to have in order:

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This is the first installment of “Divorce. What You Need to Think About from a Financial Perspective”, which can be downloaded for FREE from makara-assoc.com.

Even if you and your spouse feel that you are basically in agreement about the legalities of your divorce, it is important to have knowledgeable, dependable legal council to guide you through the process.

If you are in the midst of a contested divorce, of course, a knowledgeable attorney is absolutely essential.

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