Are you contemplating divorce or are you already in the middle of divorce proceedings? Not only were the holidays a challenge, but now you’re facing a year of uncertainty.
Since January is national “Get Organized” Month, we have put together this “checklist” for divorce in Colorado.
List the Issues You Will Need to Resolve
During a divorce, couples generally need to consider the following:
- How to divide assets
- Whether one spouse will pay support, and if so, how much and for how long
- How to divide debts
- Issues related to children (custody, parenting time, support, insurance, school, etc.)
- Whether to seek separation, dissolution, or divorce
A dissolution is similar to a no-fault divorce, and the process eliminates many of the delays and expenses associated with divorce. However, parties must reach an agreement on all issues before filing, so they must be willing to negotiate fairly. Your divorce attorney could help you compile a list of all the issues you will need to consider and resolve during the divorce process.
List Sources of Income
A large part of the divorce process involves the assessment and allocation of finances. If you are making mental notes, be sure to write those down on paper. It is helpful to include information that may be needed for verification. For instance, when listing employment, make note of the employer’s name, address, and length of time employed. You should also list income sources for the past three years.
In addition to regular salary for you and your spouse, remember to include overtime, bonuses, and other income such as unemployment or disability payments. There may also be income from investments or side jobs that should be listed.
While you are reviewing your income, plan to set aside amounts for extra expenses such as legal fees and separate living arrangements.
Take Inventory of Assets
List the property that you own, make notes about whether the property is something you had before you got married or acquired as a family gift or inheritance. These items may be considered your separate individual property that will not need to be shared with your ex.
Your list of assets should include all types of property from real estate, bank accounts, and retirement funds to cars and furniture. Write down account numbers and approximate values for major assets.
Consider All of Your Debts
During the divorce process, you will need to allocate all debts as well as assets. Make a list of all debts with account numbers and the amount that remains to be paid. This includes credit card debt, student loans, mortgages, vehicle loans, and money you may have borrowed from family or friends.
Take Care of Yourself
The mental, emotional, and physical strain of the divorce process can quickly take its toll on your health. Make time to exercise or do something fun with the kids. Seek counseling if you don’t want to confide in a friend or family member.
Find the Right Attorney
Divorce can be overwhelming. You will need an experienced divorce attorney who understands how to guide you through the process whether you need to fight in court or agree quietly through the collaborative process. Contact our team at Jones Law Firm, PC, for a confidential consultation to learn how we can help you move forward.