There is a lot to consider during divorce proceedings, including getting your paperwork and asset ducks in a row. Part of the divorce procedures, depending on the marital regime, will require a fair amount of information regarding your financial situation as an individual and as a couple.
Dividing assets is one of biggest financial considerations that you will have to undergo, depending on your marital regime. You will need all relevant information to determine how assets will be divided. Your lawyer will be able to inform you of all the correct paperwork required, but you can already start the procedure by understanding what your individual credit standing is.
Another item you can get started with is having your home appraised. If you are thinking of acquiring the house, or your ex-spouse is, you are going to want to ensure the sale price is a fair one. When determining the value, make sure to take into consideration the effect any major repairs might have on the end figure. You might also want to consult a mortgage professional.
If you are the primary earner, you could still be required to continue paying during the divorce procedure, which can be dragged out. This causes financial strain, as a person might find themselves paying for divorce legal proceedings, as well as the cost of running two households.
The effect of a divorce on children should also be considered and their best interest are always of primary importance.
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