I tell people that a divorce can pose significant personal and financial challenges for you and your family because I am a divorce lawyer and I’ve seen it over and over again. Before finalizing a divorce, it is important to protect your rights and have a clear financial picture. Overspending after divorce and failing to appreciate a divided income can create future financial problems.
FINANCIAL PREPARATION BEFORE DIVORCE
Divorce will often lead to drastic lifestyle changes for any family. Sole providers may become responsible for child support and alimony. Dependent spouses may be forced to get a job to make ends meet. If you are facing divorce in Salt Lake City, Utah, here are some financial planning tips to help you prepare for a divorce:
- Pay attention to accounts. If you are considering divorce, you should start paying attention to any shared accounts. You should know what your assets are and if you don’t know, consult with an expert who can identify them.
- Examine financial records. One way to get a clear financial picture is to look at tax returns and monthly bills. Knowing your income versus expenditures now will help you prepare for the future.
- Set aside emergency cash. You should always have money saved in the event that you lose access to accounts or face unexpected expenses.
Don’t wait to take action and to gain control of your finances before during, and after divorce. Divorce is already a stressful time, so you should take advantage of every opportunity to protect your personal financial interests, seeking professional help when necessary. In addition to legal professionals who can help you negotiate a favorable divorce settlement, you should also consider the benefits of financial planning before divorce.
WHAT ARE SOME DIFFERENCES BETWEEN MEDIATION AND LITIGATION?
If you are trying to figure out the best path forward with regard to divorce, it is crucial to carefully consider every option. Depending on your circumstances, you may have to head to trial or you could be able to resolve issues you have with your spouse through a mediator. If you live in Salt Lake City, or any community in Utah, it is important to have an idea of how mediation, litigation, and other divorce options differ.
When it comes to mediation and litigation, there are a number of key differences, according to the Utah State Courts. With mediation, couples can take advantage of a divorce process that is more private, less formal and makes it easier for them to work together. On the other hand, litigation involves a trial and may be more costly. Furthermore, litigation can take longer and couples may have a harder time collaborating. If you are concerned about keeping the details of your divorce private, mediation may be preferable.
That said, you and your spouse may not be able to agree on some matters when working with a mediator. When this occurs, your case will simply head back to litigation. Both you and your spouse have the option to withdraw from mediation at any point and the mediator may even decide to halt mediation if he or she believes that it will not work out.
This post was compiled to help provide you with an understanding of divorce mediation and is not to be taken as legal advice.
Free Consultation with Divorce Lawyer
If you have a question about divorce law or if you need to start or defend against a divorce case in Utah call Ascent Law at (801) 676-5506. We will help you.
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506