What is The Benefit of Filing For Divorce First?
While everyone is dealing with life in social distancing due to the Coronavirus, the financial pressures surrounding money, employment, and health is certainly a new experience for everyone. It’s a strain on relationships that already experience problems and on individuals responsible for the needs of their loved ones. Especially, with no definitive end in sight.
The best part of being in quarantine is that you now have time to put important matters in perspective that you’ve put off for a while. According to a recently published article in Bloomberg Businessweek, it is reported that China’s divorce rates have spiked as couples now emerge from quarantine. This could be a warning to the rest of the world in lock down. It appears that this challenging time and poor communication in a marriage causes couples to make the decisions to file for divorce. Similarly, the New York Post reported that cooked-up New Yorkers are flooding lawyers with telephone calls to file for divorce.
Consider These Important Divorce Factors
Whatever the circumstances, divorce can often come as a shock. Even for those spouses who sense their marriage is on the verge of an end. This time in quarantine is surely going to influence us all. But, it’s going to prove a good time for us to reflect on matters we usually avoid, including filing for divorce. Get ready to set your goals and how you intend to take on your challenges to move on with your life after this time in quarantine. If you are wondering whether you will be better off financially or legally by filing for divorce during this pandemic, consider some of the following most important divorce factors:
- Is There A Financial Advantage To Filing For Divorce First?
To help you achieve the best possible outcome from your divorce, you need to assemble the right legal team with an excellent divorce lawyer on your side. In financially complex divorces, it is essential to engage the services of a qualified divorce financial analyst. However, an experienced divorce lawyer will take care of everything you need and guide you throughout the entire process.
- Gather All the Documentation You Need Before Filing for Divorce
It is critical to have all relevant legal and financial documents securely in your possession. These include tax returns, brokerage and bank statements, insurance policies, wills and trusts, retirement accounts, real estate records, vehicle registrations, etc. It may be time consuming to locate and copy all these documents, especially if your spouse is controlling or secretive about your finances.
- Ensure You have Access to funds and Credit Before You File
If you are facing Divorce, you should immediately set aside money for expenses that will be involved. Be sure to have enough money to hire your divorce lawyer as it is crucial investment for the well-being of your financial future.
- Prevent Your Spouse From Hiding Assets By Filing First
Sad as it may be, during a divorce process a great deal of husbands hide assets. That’s why gathering all important documents is critical and, in your advantage, when filing for divorce first.
Filing For Divorce During Effects Of Coronavirus
No matter who proceeds to file for divorce first, the most important action you must take is to retain an experienced divorce lawyer to achieve the best outcome for a solid future. The added financial incentive to filing for divorce first as quickly as possible during the challenge of this pandemic is that the value of assets, including business and stocks, is set in stone on the day the divorce is filed. It will make much more sense to file for divorce before the business and stocks rebound from the effects of the Coronavirus.
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