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.
