Divorce preparation includes property division concerns

Divorce preparation includes property division concerns

On Behalf of | Jun 7, 2017 | Firm News, Property Division |

It can be tough to figure out all the vital details during a legal matter. Those in the know seem to agree that it is important to utilize professional services when needed to decide how to handle property division and allocation of assets during divorce. Residents of Wyoming may choose to take advice from a recent article that gives tips on how to prepare one’s finances for divorce. 

The number one piece of advice given in the article is that individuals should consult with a licensed divorce attorney from their state of residence. The reason for this consideration is because divorce laws vary from state to state, so the information found online or gathered from well-meaning friends can be inaccurate when it comes to the specifics of the individual seeking divorce. Another tip recommends a careful tracking of one’s own finances so that one has an accurate picture of his or her financial needs and responsibilities, both in the present time and what they may be in the future. 

The article also urges divorcing persons to carefully consider any financial decisions they make prior to finalizing the agreement. Rushing to the bank to spend all available cash can have detrimental effects on the divorce and may not bode well for the person who withdraws it in the eyes of the court. Gathering documentation and preparing for resistance are also important factors to consider when preparing for divorce. 

In Wyoming, persons who are preparing to divorce must carefully consider questions of how to deal with property division, asset allocation and alimony. While some guidance can be gleaned from information found on the internet, the general consensus is that when it is time to seriously begin the divorce process, a lawyer can be a great help. An experienced attorney who practices in one’s own state can help one protect assets and advocate for one’s needs during divorce proceedings. 

Source: USA Today, “7 ways to ready your finances for divorce“, Elizabeth Renter, May 31, 2017