You’ve tried everything. Everything to save your marriage. Talking it out with your wife, getting advice from friends, counseling, perhaps a trial separation. And, yet, things aren’t going to work out. Now what?
Unfortunately, you may have to do something a bit sneaky: financially planning for divorcing your wife before asking for a divorce. While this may seem secretive, the harsh reality that surrounds divorce today may force you to do this.
Take a look at our advice which follows and let us know what you think. It’s tough, sure, but you need to protect yourself, your kids, and your property. You can’t start a new life if you are financially devastated. You’re not going to be a couple any longer. Here, now, you have to look out for yourself.
When a married couple separates, it is the husband who typically relocates, allowing the wife and children to remain in the house. While this may appear to be a kind and appropriate gesture, it could prove to be an enormous mistake if you are not adequately prepared beforehand.
Like any significant transition in life, it is wise to create a plan prior to setting the divorce process in motion. A solid plan starts with preparation and gathering information. It is crucial for you to understand all divorce-related issues, including the well-being of your children, financial matters, property, and more.
Once you have gathered the necessary information and acquainted yourself with it, you can proceed by crafting an exit strategy aimed at minimizing any potential losses or harm as you navigate through the process.
It is best to start planning your divorce exit strategy even before you tell your spouse. This will give you time to gather all of the necessary information and documents, and to make sure that you are prepared for the legal and financial challenges that lie ahead.
A business exit strategy serves as a plan to withdraw from an underperforming investment while cutting losses and maximizing gains. Likewise, an effective divorce exit strategy enables individuals to transition out of a marriage and restore their life in a positive direction, minimizing losses associated with the divorce proceedings. By implementing a divorce exit strategy, you can lay the groundwork for a favorable start and remain focused on achieving your objectives.
We have included a model divorce checklist that you can use to help you create your own custom exit strategy
Document all relevant details, such as facts, times, dates, and significant events related to your marriage, children, and divorce. This collection of information can prove valuable to your lawyer in representing your case.
By actively participating in their upbringing, you not only facilitate a smoother transition for them but also strengthen your position regarding custody and child support issues. Take note of this in your journal.
Gather and retain copies or records of financial, personal, insurance-related documents, and other vital information likely to be required during the divorce process. Protect sensitive information, especially if you share a computer with your spouse. If you have shared passwords, it is advisable to change them, particularly for email accounts, computer files, and online platforms. If changing your email password might raise suspicion, consider opening a new email account with a password known only to you.
Store this information securely, ensuring that your spouse cannot access it. Redirect any mail that might contain private or sensitive content to a Post Office box or the address of a trusted relative.
It is essential to have a clear understanding of your monthly income and expenses. Alongside budgeting, explore potential avenues for financial support if you are not currently employed. If you are employed, it is crucial to maintain your employment. This ensures that you can support yourself and safeguard assets like your home or car throughout what may be a lengthy process.
Furthermore, it is vital to make a decision regarding whether you will remain in the marital home or seek a new residence.
It is highly recommended to avoid acquiring any new or additional debt during the divorce process. All existing debts will need to be divided before the divorce is finalized. Accumulating further debt can complicate the divorce proceedings and potentially lead to more issues.
Conduct a comprehensive assessment of your assets, including joint bank accounts, 401(k)s, real estate, and other substantial holdings. Additionally, take into account the belongings within your home, such as jewelry, furniture, and vehicles. Virtually everything acquired or earned during the marriage ( marital property) must be fairly divided between both parties during the divorce process. Even if you have no desire to retain most of the household items, you have the right to receive a fair share of their value.
If you’re currently covered under your spouse's health insurance, your coverage will stop at the conclusion of the divorce proceedings.
A seasoned divorce lawyer can offer personalized and more specific advice regarding steps to take in preparing for your divorce. Bringing a journal and copies of pertinent documents to your initial meeting will greatly assist your lawyer.
Divorce proceedings can be lengthy, and it's essential to avoid uncertainty regarding future interactions with your children. If you and your spouse can maintain communication, it is advisable to collaborate on a co-parenting plan. Your lawyer can assist in formalizing this plan into a temporary court order, ensuring its validity until the finalization of your divorce.
Informing your spouse about the decision to divorce is often one of the most challenging aspects of the process. Despite the difficulty, it is a necessary step that cannot be avoided.
Anticipate and prepare for your spouse's potential reactions, ensuring that you are emotionally prepared to listen and empathize. Take the time to thoughtfully devise a plan for conveying the news to your spouse.
We know that this is a difficult time, and we are here to help you through it. We will fight for your rights and help you to get the best possible outcome for your divorce.
Contact Attorney Sharon Jackson LLC in Gwinnett County today at (678) 909-4100 to schedule a consultation.
Attorney Sharon Jackson LLC
175 Langley Drive, Suite A1
Lawrenceville, GA 30046
Phone: (678) 909-4100
