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How to prepare financially for a divorce

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Many Michigan couples see their marriages come to an end each year. Those who believe that they are headed for divorce may have several financial decisions to make ahead of time. However, before making any money moves, it may be a good idea to talk with an attorney in the state where the divorce is taking place.

It may also be a good idea to get a list of the household expenses and how much is spent on them each month. This may help people better understand what assets or debts may be in play during a divorce settlement. It may also help them start thinking about how their expenses may change after a divorce. Individuals getting ready for divorce should gather financial statements, bank records and loan balances.

However, it may be possible that the other spouse will not freely give up that information unless ordered to by a court. In some cases, information may not be shared freely even if the divorce is not an adversarial one. It may be best to spend and save money in a conservative fashion in the weeks and months prior to the divorce. Both spouses may benefit from an agreement as to how joint money is to be used until a divorce is settled.

People who are thinking about getting a divorce may benefit from talking to a divorce attorney. Having the help of legal counsel may make it easier to anticipate issues relating to how marital property will be divided. Legal counsel may also help a person obtain documents or other evidence that is needed to ensure that assets are split in accordance with state law.

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