Cash Flow Planning for Life

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

After the discovery phase, the hard work of valuing the assets will begin.

One of the first things to consider is pre-marital assets. If these exist, identify them and move forward. If you are the spouse that didn’t own those asset(s) going into the marriage, you should know that fighting over them is time consuming and expensive. If the item is truly a pre-martial asset, you will most likely lose the fight, and only end up incurring additional legal fees.

Some of the assets that are easy to value include:

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

One of the primary goals of the divorce process is the separation of your “legal agreements” and shared property.

When emotions are involved, it may be difficult to view divorce as a business arrangement. However, that is exactly what it is.

The goal is to make an equitable distribution of marital assets and debts. In order to ensure that this distribution is fair, it is imperative that you understand what is owned and what is owed.

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

Following the filing of the petition and response, the divorce process continues with a series of steps. This can take weeks, months, or more than a year, depending on how contested your divorce is.

Below is the process a divorce usually follows….

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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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