How to Prepare for a Divorce

Divorce is an emotionally and financially difficult phase of ending a marital partnership and starting a new chapter in life that is essentially evitable but realistically inevitable for many couples. The decision does not come offhand because with the significant life changes and expenditures involved, the decision is far from being minor. Entering a divorce is riding a roller coaster ride, and you need to be as prepared as you can be.

Mustering all the courage you can get is not enough because divorce is not merely emotional; it is legal and financial – things that are all true and are bound to take place.  To ensure that you are prepared to face the huge challenges ahead, here are five ways to prepare for a divorce.

1.      Discuss terms with your spouse

Many couples avoid this, but this can cut the time, money and emotional burden involved with it if you can settle amicably. If both sides have come to a mutual decision, why not file together and just get a mediator that can assist you when it comes to discussing asset and possession division, child custody, child support and possible alimony, and the most immediate concern of all, who will leave the house.

Amicable settlement does not require hiring Canadian divorce lawyers, and you will definitely need the money you will save for finally going solo.

2.      Keep copies of all important titles and financial documents

Dividing properties, possessions, ready cash and liabilities is often the dirtiest part of getting divorced. Your spouse might try to hide and take as much assets as possible, especially when the other does most of the work to begin with. However, that is not how the law works.

Be proactive by safeguarding copies of potential evidences that can give you your fair share. Discreetly collect income tax returns, bank statements (for personal and joint accounts), liability records (including all debts), credit card statements, receipt of past payments and mortgages, insurance documents and if possible, records of illicit expenditures that can prove infidelity. Basically, you need to specifically list down things that you own and things that you owe.

Avoid deliberately hiding them from the court, though, because hiding anything important can make you appear the evil spouse. In the end, the court may not decide on your favor.

3.      Save in a new bank account

All your money as a couple cannot finance the divorce proceedings, especially if you are the one who first filed the divorce. You will have to pay Canadian divorce lawyers, court fees, filing fees, documentary payments and a lot more as the legal procedure continues. Do not expect your spouse to pay for them using your contested joint accounts, so save as early as you can.

4.      Identify things you can afford after a divorce

Using your available cash, existing salary and debts, you can identify liabilities that you can continue to afford, such as phone bills and club memberships. Cut off those you cannot sustain before filing for divorce, so that when the time comes, you will be free from most of your financial burden.

You credit history practically needs to be rebuilt. Usually, women experience more problems with their credit records, making it more difficult for them to make a loan or buy expensive things using credit cards because statistically, men earn more than they do, so joint credit record usually favors men. Start fresh, and you can do that smoothly by dropping unnecessary burden on your shoulder.

5.      Stay in the house

The biggest mistake of a divorcing spouse is leaving the house…and kids! When you leave, you leave the financial and moral responsibility to your spouse. The person who carries all the responsibility often receives the most favorable decision.

Even if it hurts, stay. It will not be long until you make things legal.