The divorce rate may be declining, but there is still a high demand for a competent divorce attorney in Salt Lake City, Utah. A marriage may dissolve gradually as years pass, and sadly, couples are unaware that the small arguments and petty differences are signs of impending separation. While irreconcilable differences often get the blame, one of the main reasons for couples not fulfilling their vow of happiness ever after are financial issues.
Focusing on matters of sheer importance
When the time comes that you have recognized the failure of a marriage for what it is, you should be able to start thinking about more practical aspects and prepare for what is to come. It may be challenging to separate the emotional burden you are experiencing, but it is necessary to discuss matters of grave importance with your legal aide.
Financial impact of divorce
To prepare for what is to come and lessen the impact of the marriage dissolution on your finances, take account of your finances, specifically marital assets. When necessary, get a proper and updated appraisal of art, jewelry, and antiques. Make a list of property that you own with your spouse, aside from the house and the car. Do you have other real estate holdings? List down life insurance policies and their cash value, as well as bank accounts that you jointly share. Consider stocks, bonds, and tax refunds if any. Is there anyone who owes you money and hasn’t paid off their debts yet? Lastly, make a separate list of assets that are in your name.
Debts and divorce
Dividing property is one of the key aspects of a divorce settlement. Dividing debts is a matter that may be buried under a myriad of seemingly more pertinent issues. Before other matters occupy your mind, start remembering loans that you have forgotten conveniently. Car loans, home equity loans, mortgages, credit card loans—all debts should make it to the list.
Moreover, it is important to talk about establishing responsibility for debts incurred while married. If you avail a credit report from reliable agencies, you will have a list of whom you owe money and how much. The report must include shared debts, which ones are under your name, and which ones your spouse is solely responsible. The best you can do at this time is to pay off the debts with your savings. Before you take any action, come to an agreement with your spouse and settle the matter of who pays whom and how much in a civilized and reasonable discussion.
With a joint effort, you must take concrete steps toward preventing any more debts from being incurred. It is wise to take into account all credit cards you hold and cancel the ones jointly shared. This may seem labor-intensive, but think about starting your new life debt-free. That should motivate you to take responsibility for your finances now.
It is known that financial differences contribute to the breakdown of a marriage. Even during divorce proceedings, discussion of financial matters could take time and become a source of further conflict. Being level-headed about dealing with debts saves you potential troubles later on. Being civil about alimony and respecting the decision of the court would ensure that divorce proceedings proceed smoothly.