How will the finances work during your divorce? It is important to give careful consideration to your finances and to take important steps to prepare for an impending divorce. It is important to understand that each spouse owes the other a “fiduciary duty” when it comes to every financial aspect of the divorce. This requires each spouse to “act in the other’s best interests” before and during the process of your divorce.
It is important to have factual financial information and advice when considering a divorce. No significant financial decisions should be taken in a period leading up to a divorce. You should not change the name of the beneficiary on any will, trust, insurance or retirement account without discussing it with the experienced Certified Family Law Specialists at Burke & Domercq. Doing so without the approval of the Court can result in significant problems which are not in your best short or long-term interests.
Be careful of whose financial advice you choose to follow. This is not a time to open or change financial accounts or move money. Only an experienced professional can answer the question “How will the finances work during your divorce?”
You will need to organize substantial information on all of your assets, accounts, investments and retirement vehicles. The documents should include statements for savings and checking accounts, ledgers for auto, personal and mortgage loans, credit card statements, retirement account statements, and pay stubs. It is also helpful to gather at least six months of “household expenses” and everything you’ve spent money on in the past six months. This information helps to protect your own interest and should be of interest and value to the Judge in your case.
The original filing and/or response in your case should establish the basis for the “temporary” orders the Judge may issue in your case. This can include child support and spousal support if the parties are living separately. If one of the parties has stayed home to manage the household and raise children in support of the other’s career the Judge may set aside a specific amount of money to ensure the party without an income can afford ongoing expenses as well as the cost of legal representation in the divorce.
The experienced Certified Family Law Specialists at Burke & Domercq will help you to understand the process and answer questions about how will the finances work during your divorce. Protect your own interests and contact us or call 760-434-3330 to schedule an appointment for a remote or socially distanced consultation with one of our experienced Certified Family Law Specialists.