There’s no question that divorce is a financial transaction. You and your spouse will have to figure out how to divide marital assets, unless you want a judge to decide for you, and alimony and child support could also be on the line. Although you might want to get your divorce over with as quickly as possible, you can’t let your haste jeopardize your ability to come out financially ahead.
That said, figuring out the best way to advocate for a fair and favorable outcome can be difficult. That’s why in the remainder of this post we want to give some tips that can be used to get the most out of your marriage dissolution, regardless of whether it’s negotiated or litigated.
Tips for getting the most financial resources possible out of your divorce
You have to protect your financial well-being during the divorce process. That’s why it’s critical that you know how to develop strong legal arguments that position you for success. To effectively craft those arguments, you’ll want to do the following:
- Gain an understanding of the extent of the marital estate: You don’t know what you need to advocate for until you have a clear picture of what the marital estate entails. It can therefore be helpful to conduct an inventory of marital assets. If, during that process, you suspect that your spouse is hiding assets from you, then you might want to consider whether you need a forensic accountant to help you figure out where those assets have gone. Your attorney may then be able to assist you in looping those assets back into the property division process.
- Create a post-divorce budget: By being realistic about your income and debt, you can paint a clear picture of your financial positioning post-divorce. A post-divorce budget can help you do this, and it can give you guidance as far as what you need to advocate for in your divorce, and it can be compelling to a judge. Make sure you’re open and honest here so that the budget you produce is accurate.
- Articulate contributions to and sacrifices for the marriage: Contributions and sacrifices can serve as powerful justifications for securing a larger portion of the marital estate and perhaps even obtaining spousal support. Make sure you clearly detail what you’ve done for your marriage so that the judge in your case fully understands why you think you’re entitled to what you’re seeking.
- Obtain valuations: If you and your spouse have assets that are hard to put a value on, like a family business or heirloom jewelry, then it’s imperative that you secure a valuation so that you know what those items are worth as you enter negotiations and litigation. If you dispute an estimated value, then it might be worth obtaining a second opinion, especially if the asset in question has considerable value. Be cognizant, too, that there are several ways to valuate an asset. Familiarize yourself with each so that you can choose the one that’s right for you.
Be ready to fight for the financial resources you need out of your divorce
You only get one shot at securing the financial resources you need from your marriage dissolution. That’s why it’s so important to be fully prepared with an effective legal strategy going into your divorce. Now is the time to start developing that strategy and your legal positioning.
If that’s something you need assistance with, then be sure to read up on the law, how to present one of these cases, and the support that’s available to you. Hopefully then you can position yourself to make the effective arguments needed to secure the outcome you want.
