Everyone gets married with the best of intentions. But the sad reality is that divorce happens – more often than you might think.
In the United States, the divorce rate is around 39%. There are 39 divorces for every 100 marriages.
While no one likes to consider the possibility of divorce, preparing for a lawsuit is crucial. If you are facing the prospect of getting divorced, there are a few things you need to consider.
This article will provide you with a divorce planning checklist. The checklist will outline the six most important things you must do while preparing for your divorce. It also highlights estate planning costs to prepare you for any turnaround.
By following this checklist, you can ensure you are as prepared as possible for your divorce case.
Family Law – Divorce: The Need for a Checklist
When a married couple decides to divorce, it is vital to have a plan in place to protect both parties involved. This is true regarding family law – divorce is a complex and stressful process. A divorce planning checklist can help you keep track of all the crucial details.
This may include an attorney developing a budget to divide assets and liabilities. It can also help you make informed decisions about child custody and support. Having a divorce checklist can help you stay organized and focused during this difficult time.
So, it is critical to consult a skilled family law attorney if you are considering divorce. You can grasp the divorce procedure with the aid of an attorney. They also ensure that you are making the best decisions for your future.
You now understand the need for a divorce planning checklist. So what are the points you should include in your list?
The 6 Points Divorce Planning Checklist
It’s a difficult and emotional process to go through a divorce. But it’s also a time when you must be mindful of the needful. There are many things to consider and keep track of, from financial matters to custody arrangements.
That’s why it’s a good idea to go through these 6 points in the divorce planning checklist. It can help you keep track of everything that you need to do. So let’s get with the needful:
- Choose the Right Attorney
When going through a divorce, it is crucial to have proper legal representation. Your divorce attorney will be your advocate and will help you navigate the legal process. Choose an attorney skilled in family law and with whom you are comfortable.
Your attorney can help you understand the divorce process and offer advice on your situation’s best course. They can also help you bargain a settlement and will represent you in court if needed.
So, below are a few things to keep in mind when choosing an attorney;
- Their experience
- Their practical area
- Their fees
But if you need clarification about where to start, you can ask for recommendations from friends or family. Or you can even go online and search for a skillful family law attorney. Once you’ve found a potential attorney, you can schedule a consultation to get started.
- Understand the Family Law in Your State
No two states have the same laws when it comes to divorce. However, every state has laws governing divorce, which can impact the outcome of any divorce case. That is why a divorce planning lawyer will advise you to learn about the laws in your state.
It’s essential to understand the laws in your state. This will offer you enough knowledge to make the best possible decisions for your situation.
A divorce lawyer is at its best bet to help you understand the laws in your state. He can also provide you with advice on how to go forward.
As per understanding the laws in your state, you need to know a few key areas of divorce law. They include;
- The ground for divorce
- The division of property
- The child custody
By getting the proper knowledge of these, you can avoid mistakes. So, if you seek a divorce, be sure to add an understanding of the laws in your state to your divorce planning checklist.
- Emotional Preparation for Your Divorce
As you begin the divorce planning process, it is also crucial to start preparing yourself emotionally. This can be a difficult time, filled with many emotions. While it is normal to be scared or angry, it is essential to deal with these emotions healthily.
You can do a few things to help yourself emotionally during this time. First, it can be helpful to talk to someone who can understand and support you. They might be a friend, therapist, or counselor.
It can also be helpful to stay active and involved in activities you enjoy. And finally, it is essential to know that this is a process, and it will take time to adjust to the changes.
If you have trouble managing your emotions, please get help from a professional. It is crucial to know that many people go through divorce and come out stronger and more resilient. So, with the proper support, you can too.
- Plan for Your Children
Estate planning vs. will planning should be the same, especially when your children are involved. As you begin planning for your divorce, it is vital to consider your children’s future.
This includes both financial planning and estate planning. You will want to ensure that your children have a solid plan for their future.
An elder estate planning law firm can help you with this process. In addition, they can advise you on the best way to set up your finances and estate for your children.
They can also help you create a plan for their future so that they can have a bright future despite the divorce. This may include a custody arrangement that works for you and your ex-spouse.
- Consider What You Want in the Settlement
As part of the divorce planning checklist, it is essential to consider what you want in the settlement. This is true if you haven’t updated your will. You will determine how your assets will be shared between you and your spouse.
That is where an estate planning guide becomes viable for divorce planning. But first, consider how to handle your debts. So, taking a step back and evaluating what you want in the settlement is essential. This is as important as considering the financial aspects of divorce.
You must sit down with your lawyer and compile a list of everything you want in the settlement. This can include custody of your children, alimony, child support, and the division of your assets. Once you have a clear idea of what you want, you can begin negotiating with your spouse.
Remember that the settlement is not just about dividing up your assets; it’s also about your future. So consider what you want as part of your divorce planning checklist, and discuss it with your lawyer.
- Decide How You’ll Handle Retirement Accounts
How you’ll handle your retirement accounts is one of the many you will need to decide in divorce. And for that, you need a reasonable and qualified retirement planner.
If you have joint accounts, you’ll need to determine who will keep the account. If you have separate accounts, you’ll need to decide whether to separate or merge them into one account.
There are several options for what to do with retirement accounts in a divorce. No matter what you decide, you’ll need to weigh the pros and cons to know if it’s best for your situation. But the most important thing is to plan early.
There are a few things to consider when carrying out asset allocation. They include;
- Tax implications
- Distribution of assets
- Estate planning
You’ll also want to consider what’s best for your financial future.
Conclusion
Handling assets and liabilities is quite the business. However, it needs to be done in an orderly manner, always. No matter how amicable a divorce may be, it is still a significant life event that requires careful planning. There are a few key points to keep in mind when planning for divorce.
- First, they should consult an attorney to ensure their divorce is handled well.
- Second, they should understand the law in their state.
- Third, they should prepare themselves for the emotional impact of divorce.
- Fourth, they should create a plan for dividing custody of children, if they have any.
- Fifth, they should take care of loose ends, such as updating their estate planning documents.
- Finally, divorcing couples should consider the financial implications of splitting assets and debts.
