Preparing for divorce could be stressful, especially when you share substantial marital assets with your soon-to-be former spouse. It is crucial that you prepare for this process, and there are steps you should take before any legal documents are ever filed.
When you have questions about how to get started, a practiced high-asset divorce lawyer from The Paul Riley Divorce & Family Law Firm might be able to help. Our lawyers could answer your questions regarding pre-filing considerations for high-asset divorces in Kawartha Lakes. We are available 24/7 for any help you may need.
Before you make any decisions, there are a few options for you to consider when pursuing a divorce. While traditional divorce may involve long, drawn-out court proceedings, you might have the chance to resolve conflicting matters in other ways. This process could include working with a mediator or going through arbitration.
Of course, these alternative routes require your spouse to want to comply with this plan, and if they are unwilling to work toward a mutually acceptable resolution, litigation might be your only option. An understanding lawyer from The Paul Riley Divorce & Family Law Firm could help you understand your choices and weigh your options for pre-filing when pursuing a divorce in Kawartha Lakes.
Your financial records play an important part in the divorce process, so it could be helpful to have them prepared. Making these efforts a key pre-filing consideration for a divorce in Kawartha Lakes could simplify crucial details as the high-asset case moves forward.
Start by making a complete list of your assets and debts. This should include details regarding what is held individually compared to the property that is jointly owned with a spouse. Make a budget for your post-divorce life. This list could provide you with a clear picture of your financial needs as you go into divorce proceedings and may help with showing the court what a fair distribution looks like.
Many married couples rely on shared bank accounts where they pool their resources. However, this approach could raise problems during a divorce because it could be difficult to determine each party’s contributions. One strategy to simplify this process is to set up individual bank accounts and close the shared account. Relying entirely on a bank account in your control could ensure you have options while the divorce is in process.
The breakdown of a marriage is never easy. If your initial reaction is to leave the marital home while this process happens, it is important to be aware of the consequences. Leaving the home could have an impact on which party is entitled to it during the equalization process. There is also the risk of your spouse failing to make the necessary payments or provide upkeep to the property. Additionally, having residency in the home may also be important if you have school-aged children. However, leaving is an important option if there is a threat or history of abuse.
When you have questions about pre-filing considerations or high-asset divorces in Kawartha Lakes, now is the time to get them. A skilled lawyer from The Paul Riley Divorce & Family Law Firm could ensure you are prepared before legal action is initiated.
Our experienced lawyers are here to help you understand your options. Call our firm today to learn more.
The Riley Divorce & Family Law Firm
