The Importance Of Understanding Your Finances Before The Divorce

Law Blog

Going through a divorce is not usually the easiest experience, and it can be even harder if you do not fully know and understand your financial situation before the divorce begins. Because of this, it is vital for you to make sure you fully understand where you stand financially before you begin the divorce process. Here are several things to know about the importance of this and how to find out where you stand.

Why this is so important

Understanding your finances is the only way you can fight for a fair settlement in your divorce. If you have no idea where you stand financially and just accept what your spouse says about your finances, you might lose out. Your spouse might be hiding assets such as cash somewhere, and you would not receive half of this if you did not know it existed. The only true way to equally divide your things is knowing exactly where you stand with all your finances.

Ways to find out your financial state

A good way to find out where you stand is to look at all your financial records. Look at bank statements and research all accounts you have. You can also look up your credit reports to find out how much debt each of you owe. If you suspect that you have more cash than you can find, ask your lawyer. Your lawyer can take steps to find out what types of accounts your spouse has that he or she is hiding, and this might be a necessary step in your divorce. One method is hiring a private investigator to research your spouse's finances.

How your financial state will affect the settlement

In most cases, couples who get divorced will have to split their things in half so that each person receives half of everything. This not only includes assets you own as a couple but also includes debts. Finding out your financial state will allow you to see a full picture of how much money and assets you have, and this will be the only way you can make sure you receive 50% of everything.

If you have questions about getting divorced, you should contact a divorce attorney. An attorney can help you understand the importance of this issue and others and will assist you in every step of your case, including researching the assets you and your spouse have.


4 October 2019