Why Finding Out Your Financial State Can Help You Learn How A Divorce Would Affect You

If you are considering divorce and are not sure how it would affect you financially, you may want to do some research into your finances before you rush to an attorney to file. By taking some time to research your finances, you will get a clear picture of where you stand financially. You can take this information to a divorce lawyer, and he or she can help you determine how you would most likely be left financially if you decide to proceed with the divorce. Here are several steps you may need to do as you begin researching your financial state.

Make a list of all assets you own

The first thing you will need to do is locate all the assets you have. This not only includes assets in your name and those that are jointly, but try to find out if your spouse has any assets in his or her name alone. All the assets of the marriage typically get split equally between spouses if they divorce, unless there was a prenuptial agreement involved. If you never signed a prenup, you should be entitled to half of everything you own.

Be sure to look for bank statements of accounts you might not be aware of. As you think of assets and locate them, write them down. With each one, state whether the asset is in your name, your spouse's name, or in both names, and you should also write down the value of each of the assets.

Make a list of all debts you have

The second thing you will need to make a list of all debts you have. The debts will work the same as assets in a divorce, which means you will both likely be responsible for equal shares. If you are not sure what debts you have, you may want to get a copy of your credit report. You may also want to get a copy of your spouse's credit report. A credit report will show loans, credit cards, and other types of debts, and it offers a great way to truly find out where you stand financially.

Once you have these lists ready, you may want to contact a divorce lawyer in your area to schedule an appointment. From the lists, an attorney, like one from Bergermann Law Firm, should be able to give you a good idea as to what assets and debts you would end up with if you followed through with a divorce.