Wednesday, April 23, 2014
Getting a Divorce


Divorce can be a lengthy process that may strain your finances and leave you feeling out of control. But with the right preparation, you can protect your interests, take charge of your future, and move on with your life. The checklist on the left will get you started.

Work with a Professional

We all need help sometime . . . especially during a divorce.

Even in the most amicable divorces, professional assistance is key. Whether you need a divorce attorney, a mediator, or other financial professional, finding the right advisor will greatly reduce your stress.

First things first: Should you hire an attorney?

There's no legal requirement that you hire an attorney when divorcing. In fact, going it alone may be a sensible option if you're young and have been married only a short time, are childless, and have few assets.

However, most divorcing couples hire attorneys to better protect their interests, even though doing so can be expensive. Divorce attorneys typically charge hourly rates and require you to submit retainers (lump sums) up front.

You should know that if you're a homemaker or earn less income than your spouse, it's still possible to obtain legal representation. You can submit a motion to the court, asking a judge to order your spouse to pay for your attorney's fees.

If you and your spouse can agree on most issues, you may save time and money by filing an uncontested divorce. If you can't agree on significant issues, you may want to meet with a divorce mediator, who can help you resolve issues that the two of you can't resolve alone.

To find a mediator, contact your local domestic relations court, ask friends for a referral, or look in the telephone book. Certain attorneys, members of the clergy, psychologists, social workers, marriage counselors, and financial planners may offer their services as mediators.

Save time and money by doing your homework before meeting with a divorce professional.

To save time and money, compile as much of the following information as you can before meeting with an attorney or other divorce professional:

  • Each spouse's date of birth
  • Names and birthdates of children, if you have any
  • Date and place of marriage and length of time in present state
  • Existence of prenuptial agreement
  • Information about parties' prior marriages, children, etc.
  • Date of separation and grounds for divorce
  • Current occupation and name and address of employer for each spouse
  • Social Security number for each spouse
  • Income of each spouse
  • Education, degrees, and training of each spouse
  • Extent of employee benefits for each spouse
  • Details of retirement plans for each spouse
  • Joint assets of the parties
  • Liabilities and debts of each spouse
  • Life (and other) insurance of each spouse
  • Separate or personal assets of each spouse, including trust funds and inheritances
  • Financial records
  • Family business records
  • Collections, artwork, and antiques

If you're uncertain about some of these areas, you can obtain the necessary information through your spouse's financial affidavit and/or the discovery process, both of which are mandated by the court.

© 2003 Forefield, Inc.

 

Work With a ProfessionalTake Stock of Your AssetsLearn Key Divorce TermsUnderstand the Divorce ProcessPrepare FinanciallyDivide Your PropertyPay or Receive Spousal SupportSupport Your ChildrenHelp Your Children Cope With Divorce
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