Hello, I'm Karla Mitchell. Going through a legal case can be very expensive and challenging. I won't go into details, but I recently underwent my own legal battle that lasted several years. It is finally over and I successfully received a settlement, but I had to spend so much time studying law in order to play my role in my own court case. While I found a great attorney at one point, I felt completely lost initially and I don't want anyone else to experience the same thing. So I decided to create this blog for those who would like to know more about law.
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If it looks like you're heading for divorce, now's the time to start making plans. The first thing you need to do is hire an attorney, even if you're not quite prepared to file. Early communication with an attorney can help you avoid problems with your divorce. In addition to seeking legal advice, here are three steps you should take before you file for divorce.
Have a Financial Plan
If you're going to file for divorce, it's crucial that you have a financial plan in place. Filing for divorce can turn your life upside down, especially where your finances are concerned. In most cases, joint bank accounts will be frozen as soon as you file for divorce. This practice is designed to prevent either party from emptying accounts.
Cash
Prior to divorce, take the time to create a small cash reserve. That way, you have the funds you'll need to provide for yourself. If you take cash from a joint account, be sure to document the withdrawal. Also, avoid emptying your joint accounts, as this can get you into trouble.
Housing
If you don't plan to remain in the family house once you file for divorce, now's the time to make arrangements for housing.
Transportation
If you and your spouse share a family car, you'll need to make arrangements for your transportation. Once you file for divorce, you may no longer have access to the family car.
Know Your Unexpected Assets
During a divorce, most people document common assets, including bank accounts, retirement accounts, and investments. However, there are other assets that are often overlooked. It's important to remember that all marital assets can be divided, including those that you might have overlooked.
Frequent Flier Miles
If you and your spouse travel by air on a regular basis, you may have collected quite a few frequent flier miles. If you and your spouse shared the account, those miles can be divided.
Royalties
If you or your spouse receive royalties for books, patents, or inventions, those royalties may be part of the community property.
Hire a Property Appraiser
If you and your spouse own property together, you need to hire a property appraiser. During the settlement proceedings, your property will be divided. However, to make sure the assets are divided fairly, it's important that the actual value is attached to each item. Your appraisals should include all real and personal property. Once the appraisals have been completed, be sure to provide documentation to your attorney (such as the Law Offices of Jamie L. Hazlett & Associates).
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