New Year’s Resolutions
Is Getting a Divorce on Your List? Plan for the worst and hope for the best…
If getting divorced is among your New Year’s resolutions, consider the following to mitigate anxiety, fear and depression caused by uncertainty in that process. Sleepless nights worrying about unanswered questions can be minimized when you better understand the process and have the tools to craft your plan.
Consulting an experienced family law attorney is an important first step in obtaining answers to your questions and understanding the divorce process.
Create an inventory that includes assets and debts; copy the source of the information and five years of income tax returns.
List of assets should include, but is not limited to:
residence (fair market value)
retirement accounts
other real property
defined benefit plans
mineral interests
IRA/SEP accounts
cash in financial institutions
motor vehicles
brokerage accounts
boats
stocks
airplanes
stock options
motor cycles
bonds
life insurance policies
401K plans
antiques
business interests
artwork
patents
receivables
country club memberships
travel (frequent-flyer) award benefits
List of debts should include, but is not limited to:
mortgages
credit card debt
liens
IRS debt
Financial responsibilities are often delegated to one spouse. It’s not uncommon for one spouse to be unaware of their estate’s details. A family law attorney can suggest resources to help you gather information and once a petition for divorce is filed, this can be obtained through the "discovery" phase.
I encourage parties to pursue reconciliation with a good marriage counselor, if at all possible. A counselor that “fits both parties’ needs is ideal. Sometimes it takes several sessions to find an effective counselor. Unfortunately, many marriages deteriorate beyond repair due to addiction, infidelity or one party’s unwillingness to pursue counseling, thus making it all the more difficult to salvage a marriage. Divorce is a process requiring planning. Many clients exclaim with a sigh of relief after a consultation, “Good! I have a plan in place!" The plan might change over time – you might choose to remain married. Regardless, you need to know what your estate is worth, whichever path you choose.
"Knowledge is power"– Francis Bacon