Finances and divorce, three mistakes to avoid

Finances play one of the bigger, if not biggest role in a divorce settlement. Providing the correct financial information is critical to helping ensure the settlement and ruling is just and fair. As Bari Weinberger points out there are several steps to help you streamline and ease the divorce processes especially as it pertains to the financial information you will be required to share.

Don’t guess

As part of the process, each party is required to fill out and provide a Case Information Statement (CIS). A monthly budget is included in the CIS and one mistake often made is the over or under-calculation of monthly expenses. You’ll need to track everything from food and rent to gas and transportation costs and everything in between. These calculations will play a part in determining alimony or support that you may be entitled to or have to contribute to, making it crucial that you take the time and meticulously detail and accurately report every expense.

Paint the whole picture

Information exchange between both parties is part of the divorce process. Often times each party tends to focus in on the income of the other. This can be straightforward, but there also may be more to the numbers than what’s merely on paper especially if one of the parties involved does not hold a traditional job. If you are self-employed or work on a project basis and have a monthly income that can change from month-to-month you don’t want your support to be based on a one or two-month window. It’s important to provide documentation painting the whole picture over several years.

Tell the truth

Whether intentional or not, failure to disclose all of your financial information can paint you in a bad light. It’s important to include all assets and liabilities from finances to real estate to investments and everything in between. Be honest and take your time to review all assets and make sure you aren’t leaving anything out. The more information you provide upfront will ensure the process can run as smoothly as possible.

Whether you’re considering divorce or have questions about child custody or support, the process can be stressful and challenging for all involved. At Southern Oaks Law Firm, family law attorney Taylor Fontenot understands the need to listen and empathize, while providing practical legal advice and high-quality representation.