Top 5 Things To Do Before Filing For Divorce
Transcript
I’m going to give you the top five things you should do before getting a divorce.
Hi, everyone. I’m A.J. Grossman, CEO and Managing Attorney with LeapFrog Divorce. My entire legal career has been dedicated to helping people with divorce and paternity cases. At LeapFrog Divorce, we do divorce better.
Okay, let’s go.
Number one, gather your financial statements.
You want to do this so that you have a good idea of what your marital financial situation is. You want to have some idea of what your retirement and investments are and what your level of debt is.
If you’re in a relationship where your spouse controls everything and does not allow you access to the bank and credit card statements, this may not be possible for you.
Number two, if your spouse is the primary breadwinner for the family, you will want to obtain as much credit as you can.
The purpose is to make sure you have a source of funds in case your spouse attempts to cut you off from all the financial accounts. Believe me when I say it happens.
The benefit of getting credit before you file for divorce is that you can use your family income on the credit application. In other words, if you don’t have a job or income of your own, you can put your spouse’s income on the credit application.
Number three, change the beneficiary designation on your life insurance.
I’ve handled a few divorce cases where one of the spouses has died while the divorce was happening. When a spouse dies, there’s no need for a divorce, and whatever the life insurance company has on file for the beneficiary of a life insurance policy will control who gets the life insurance money.
Number four, obtain a source of funds so you can afford to hire an attorney and pay your attorney’s fees.
This could be a personal loan, money from friends or family, money from a 401(k) or other investments, or a mortgage refinance to pull money out of equity in real estate.
The average cost of a divorce is about $20,000 per spouse. Your divorce may cost less or more, depending upon your situation.
Okay, number five, find a temporary place to reside, separate and apart from your spouse.
You may not need to leave your current home if your spouse decides to leave, but if they refuse to leave, you’ll want to know ahead of time what your residence options are and how much they might cost.
Some of my clients move out and live with friends, co-workers, or family. Some sign a one-year lease on a new apartment.
The options available to you will depend upon your particular situation.
Well, that’s all for now. I hope this information is helpful for you. If you have any questions or need help, please give me a call or send me an email. I’d be happy to help.
Have a wonderful day.
