Planning for Divorce in the New Year

January 13, 2012 (Press-News.org) The holiday season is a common time for families to spend time together. Even people in troubled relationships use the holidays to make things as normal as possible for children and to keep meddling family members at bay.

Now that the holiday season is over and normal life resumes, some people, especially women, view the New Year as a time to leave troubled marriages behind. It is no secret that more divorces are filed in January than any other month of the year.

If you are contemplating divorce in 2012, two important tips can help you make a smooth transition.

Create a budget - Before stepping out on your own, you should have a good idea of how much it will cost to maintain a new household or your current household without help from your spouse. Spousal maintenance is not a given, and it may take time before a court orders maintenance (temporary or otherwise). In the meantime, financial obligations will keep coming regardless of the state of your relationship.

Also, getting through a divorce may involve more than just hiring an experienced attorney. You might need the advice of additional professionals such as: a financial planner, an accountant or an investment advisor. For those who need help with the emotional trauma of a divorce, a trained therapist can help you get through the process. All in all, having a basic understanding of what you can afford is the first step in making your transition.

Collect financial documents - Divorces commonly involve the division of significant assets, including real property, pensions and retirement accounts, and stock portfolios. It is also important to understand what can be considered marital property and how it may be divided. A good start would be to gather year end statements for your investment accounts, retirement accounts, bank accounts, and credit card statements. This does not mean that you have to conduct financial espionage and keep these statements away from your spouse. Rather, you should make detailed index of the accounts you and your spouse have and the current balances in those accounts, and maintain a separate set of the financial documents.

If you have questions about the divorce process and other rights regarding property division or child custody, an experienced family law attorney can help.

Article provided by Law Office of Raymond B. Benzinger, P.C.
Visit us at www.benzingerlawfirm.com