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Important Finance-Related Matters Future Divorcees Should Address Before Divorce

Divorce is a dreaded word for most married individuals. However, unforeseeable circumstances can negatively impact relationships. There might be a desire to prevent marriages from ending in divorce. That usually involves both parties' willingness to get involved in the process of "saving the marriage." Counseling and other interventions may not produce the desired effects eventually leading to one or both individuals wanting to end the marriage. 

Divorces can be complex even if couples do not have a lot of assets. This is why it is sensible to use a divorce lawyer as a resource to understand what is at stake. If children are involved, complexities can occur if sole custody is desired. There are many things to consider when divorce is "on the table." The following points represent financial and other considerations. A divorce attorney can help you sort through each of these situations.

Money Owed

Marital debt is just as important as marital assets. Even if one person accumulated more of the outstanding debt, the court may look at the income of both spouses to determine the best way to split the debt. This means that the spouse who spent less could end up having to pay a large portion of the debt. If there are multiple creditors and accounts, all of the accounts need to be located, and most of them are likely on credit reports. Account numbers and balances need to be noted to ensure accuracy. Requests for offshore account information and closed accounts may be hard to obtain. This is why getting information requests started early is important. 

Property Owned

Sometimes couples cannot decide who will keep which assets. This leaves the matter up to the judicial system to allocate assets. It might even lead to an order to sell certain types of property and split the profits. Other times, judges may allow one spouse to keep certain property and pay the other spouse for relinquishing their ownership rights. It is also possible for orders to be made for property such as a home to be paid off by one spouse. This may be the spouse who decides to reside in the home and does not want to sell it. 

Income and Support Requests

Spousal and child support are commonly brought up in divorce cases. Sometimes these matters represent the majority of the disputed matters in the divorce. Payments may be ordered depending on finances. Spousal support may be ordered in some cases after income is reviewed. Sometimes support for spouses is ordered for a set period of time with guidelines. Support payments can be tricky to try to determine when it comes to what the court system will allow. This is why it is ideal to gather as much financial information as possible and allow a lawyer to review it all.