When you know your marriage is over, getting a divorce may be inevitable. For those who have a little time to prepare for an impending divorce, here are some things they can do that may reduce their future costs and stresses:
- Making copies of all the financial documents – Compile the documents that will detail the scope of your marital assets and/or debts, and make copies of them. This is important because, as the divorce proceeds, access to these documents may be very limited, and that could complicate things. Examples of these financial documents can include (but may not be limited to):
- Income taxes for the past few years
- Mortgage loan documents and/or deeds to homes
- Bank and/or retirement account statements
- Credit card statements
- Any property titles
- Setting up their own accounts – Having bank accounts and credit cards in one’s name can ensure future access to money. The alternative can leave people with little, if any, financial resources in the event that a bitter or upset ex, who may want to prevent a partner from being able to pay for a lawyer:
- Drains the mutual bank account(s)
- Maxes out the credit cards, which leads us to the next tip…
- Closing joint lines of credit – Closing shared lines of credit will preclude the possibility of an embittered ex running up charges on them. With marital debt, it’s important to understand that, regardless of how that debt is divided in divorce, both partners will still be legally accountable repayment. So, if either party defaults on paying the marital debt, creditors can come after the other party to recoup the monies owed.
- Building their savings accounts – Having a financial safety net to fall back on during divorce can significantly help reduce people’s stresses– and it can minimize the risk of falling into deep debt – during the process. Some financial experts recommend saving at least six months of living expenses to be financially prepared for divorce.
- Retaining an experienced divorce lawyer – An initial investment in a skilled divorce lawyer can be invaluable when it comes to realizing the best possible outcomes from divorce. That’s because a lawyer can help you fight for what’s most important to you while helping you protect your rights and interests throughout the process.
Contact a Portland Family Law Attorney at Helzar & Cromar, LLP
If you are getting ready to file for divorce in Oregon – or if you need help resolving any family legal issues, you can turn to a Portland family law attorney at Helzar & Cromar, LLP for aggressive, compassionate representation moving forward. Bringing decades family law experience to every case, our lawyers are focused on:
- Fully understanding our clients’ needs while providing them with personal attention and respect
- Working diligently to bring every case to the best possible resolution.
Find out more about our services and how we can help you by calling us at (503) 626-2889 or by sending us an email via the contact form on this page. The attorneys at Helzar & Cromar provide the highest quality legal services to clients in Portland and Beaverton, as well as throughout the state of Oregon.