When you are considering filing for divorce, one factor you will want to prepare for is the financial settlement. A divorce attorney can guide you through the process, and you'll have a better sense of where you are at financially when the process is over.
Why Arrange for a Settlement?
Many divorces end up in court with both partners arguing over how much the other partner owes them. However, fighting your divorce in court can be an expensive and long process. If you work out a settlement before you file for divorce, you will be able to avoid the courts.
A divorce court can bring out very intense and negative emotions. A marriage that might have been happy at one point might create many unhappy memories. Therefore, you might want to avoid this process and hire a divorce attorney instead.
What Are the First Steps You Should Take?
The moment that you are thinking about divorce, you will want to begin putting your finances in order. You will need to take into account everything that has value, such as investments and vehicles. This will be considered community property, depending on the state in which you reside, and you will want to determine which property you will be allowed to keep and whether your partner will owe you money.
One of the primary challenges is dealing with the house because it is your largest asset. You may wonder who will get the house or whether anyone will keep it. In some cases, one party will have to pay for the other party's equity in the home. In other cases, you may choose to sell the home and split the profits before going on your separate ways.
What If You Can't Settle?
In some cases, you might not be able to reach an agreement with your partner. Rather than going to court, your divorce attorney might recommend that you engage in third-person mediation. This is a service that is usually run by legal professionals in which both you and your partner can negotiate a settlement.
You do not have to interact directly with your partner and will usually be kept in separate rooms. The mediator will move between both rooms. Regardless of the option you go with, settling out of court is almost always the best option, and you will always want to discuss your legal options with a divorce attorney.
Contact a firm like Gomez May LLP to learn more.