Plan To Divorce? 5 Things You May Want To Finish First
The timing of a divorce can go a long way towards helping make negotiations and finalization easier and faster. To help you find the best timing to pursue your divorce, here are five things that you and your spouse may want to finish before filing for a formal divorce.
1. Your Taxes. Have you and your spouse fallen behind on filing income tax returns? These will be necessary for most divorce proceedings, so get this job done. Filing jointly is usually financially advantageous for couples, so do your best to figure out how to work through it together. You may even be able to avoid being together by using a professional tax preparer.
2. Selling Your Home. Disposition of the marital home is a sticking point for many divorcing couples. There are often strong feelings, and it's one of the biggest shared assets for many. If both agree to sell it and divide the proceeds, now is often the best time to do so. Not only will you give yourself one less thing to be emotional about, but you speed up negotiations.
3. Renovations. If selling the family home, is it ready to be put on the market? If not, what would it take to get it there? Both parties benefit from being able to get the highest price for the property, so look for ways to finish any unfinished renovation or updating work you've started. While you don't want to get bogged down in long renovations, fixing it up to sell is a wise investment.
4. Simplifying Your Portfolio. The fewer assets you share and the less complicated these are, the easier it is to divide them fairly. One important step toward getting a divorce is to identify all your assets and debts. While doing this, look for ways to simplify these. Can you pay off any joint debts? Should you reduce the number of accounts? What about liquidating unused assets? Cleaning things up boosts liquidity, making things easier to split.
5. Counseling. Finally, anyone going through a divorce should pay attention to their mental and emotional health too. Whether it's marital counseling or individual counseling, don't wait until after your divorce to work through your feelings. Start counseling as soon as possible and make headway before tackling the stresses of the actual divorce.
Where to Learn More
Want to know more about what you should start or finish before divorcing your spouse? Consult with an experienced divorce attorney in your state to get personalized tips and timelines based on the law and professional expertise. For more information, contact a company like Gomez May LLP.