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Understand your financial situation before you file for divorce

Most successful ventures in life begin with a plan. Whether it has to do with an Arizona resident accomplishing a personal goal or a Phoenix business meeting its corporate objectives, a plan can take a person from just thinking about making progress to actually completing the necessary steps toward achievement. Plans are also important parts of making changes to the relationships and agreements people have with their loved ones. When it comes to ending a marriage, it is always a good idea to have a financial plan for life during and after a divorce.

A money-focused divorce plan can be initiated with one's soon-to-be ex-spouse or on one's own. While planning, a person should develop an understanding of his financial needs and earnings, where his money is saved, how it can be accessed and how much he requires to live the life he has created for himself. Old tax returns, billing statements, bank records and other financial documents can be used to create an accurate picture of a person's current financial health and what it will take to maintain it after a divorce.

While going through all of those financial documents, planners can also start organizing their records for their divorces. In many cases, financial records, such as those mentioned, will be used as evidence of how a property division should be completed and if one spouse should be granted an award of alimony or spousal support.

Finally, getting a financial divorce plan together can help an individual begin to save money for the future. Divorce can exhaust the nest eggs couples have built together and though they may be happy to find themselves unwed from their partners, divorcees often also discover that their once-comfortable savings have been depleted by their legal dealings.

There are a myriad of other reasons why creating a financial divorce plan can serve the interests of the Phoenix resident. Attorneys who practice divorce law can assist their clients in this process and with the other important aspects of completing divorces in Arizona.

Source: KOB 4, "Financial Preparations for Divorce," Feb. 16, 2016

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