When the threat of divorce is looming in your marriage, the last thing you might want to think about is your current financial status; but now is the time to get organized and gather information that will secure your financial future. As a Colorado Springs property division lawyer, I am acutely aware of how important it is prepare for the financial aspects of a divorce.
Before consulting with a property division lawyer, spend some time reviewing your credit report. A decent credit score will be important when you want to rebuild financially after a divorce. It will also help you see very clearly which marital accounts are jointly held and which are in your name only. This is important, since debt allocation plays a large role in property division. A Colorado Springs property division lawyer can help you determine the right course of action for each creditor, which may include freezing accounts or removing unauthorized users. Once your property settlement is complete and a divorce decree is issued, you may want to notify the creditors and credit reporting agencies and make sure all joint accounts are closed.
In addition to credit accounts, you will also want to gather and copy all financial records, including the most recent bank statements, check registers, investment and retirement accounts, mortgage and real estate paperwork. Your property division lawyer will also need copies of your most recent tax returns. This may seem like a cumbersome task, but it will ultimately save you money and time as your divorce actions progress.
Divorced doesn’t have to be financially devastating. A Colorado Springs property division lawyer can guide you through the complexities of dissolving your marriage and help you make the most informed decisions.