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Financial Considerations Involved In Divorce Proceedings

Tiny bride and groom on calculator with wedding ring, symbolizing marriage and finance.In this article, you will discover:

  • The important financial considerations you’ll need to take into account before filing for divorce.
  • How the division of property and child custody matters are handled in divorce proceedings
  • Why getting a divorce attorney is the best first step you can take.

What Are Some Key Financial Considerations Individuals Should Assess Before Initiating Those Proceedings?

For most people in family law divorce cases, a few simple questions at the beginning can help to ease the process.

Some of the most important financial questions to consider will include:

  • Can I financially sustain myself if I move out of the family home?
  • Am I going to continue to financially contribute to the family home if I choose to move out?
  • Can I move out and still sustain myself as well as the family home?
  • Will I need assistance from my former partner to sustain my standard of living if I earn less than them?
  • Can I care for and provide for my children if I move out of the family home?

These are factors that are mainly important to people when considering a divorce because they often cannot live in the same home, but moving out means you’re going from one shared expenditure to two separate households.

How Can Understanding The Legal Process Involved In Divorce, Such As Property Division And Child Custody Arrangements, Help Individuals Prepare Before Actually Filing For Divorce?

It’s common for individuals to enter divorce proceedings with a host of misconceptions, such as the belief that Washington State is a “woman’s state” that has a bias toward favoring mothers in child custody matters.

In reality, Washington family courts adhere to the standard of determining what is in the best interest of the child. This assessment considers various factors, including the historical involvement of both parents in the care of the children and aims to maintain stability for the children with minimal disruption. The gender of the parent is not a critical factor in custody decisions; the focus is on the child’s well-being and maintaining a supportive environment.

With misconceptions like this in mind, it’s important for anyone considering divorce to continually educate themselves before making any major decisions. For example, understanding how child custody arrangements are decided based on the court’s standard will help you mentally prepare for such a case.

Likewise, since Washington State is a community property state, it’s crucial to comprehend the definition of community property for effective preparation. Distinguishing between community property and separate assets allows you to formulate a well-founded petition that aligns with your perception of a fair and equitable division — and it enhances your ability to advocate for a realistic, favorable outcome.

At the most basic level, getting an understanding of the definition of community property and separate property, as well as the definition of what is in the best interest of your children, will always prepare someone before filing for divorce.

Naturally, navigating family law matters can be emotionally charged. That’s why, at DC Nguyen Law, we prioritize giving you the resources you need to make informed decisions while representing you with the compassion and experience necessary to achieve the best outcome.

What Important Documents, Such As Financial Records And Asset Information, Should I Gather And Share With My Divorce Attorney?

Keeping a list or track record of expenditures during the marriage is beneficial for divorce proceedings. Courts typically request at least two years of tax returns, six months of bank statements, and six months of pay stubs to understand recent financial activities and historical spending, saving, and payments.

Providing a financial declaration is helpful for assessing monthly expenditures and determining what is fair and equitable post-dissolution. It’s particularly crucial to document ownership and contributions to assets. For example, having the deed for a home with your name on it and bank statements demonstrating mortgage payments strengthens your claim to that asset during divorce proceedings.

At What Point Should I Hire A Washington State Divorce Attorney?

Hiring a divorce attorney from the outset can save you time, reduce stress, and allow the attorney to leverage their experience with the legal process and court dynamics to your advantage.

While some people may initially try to handle matters on their own, waiting to hire an attorney until later can result in wasted time and additional costs since they may need to review and potentially rectify actions taken to ensure the case is on the right track.

While there may be financial considerations to take into account when choosing the right lawyer for you, it’s important to keep in mind that a professional divorce attorney becomes particularly valuable when dealing with assets, property, and children.

What’s more, regardless of your unique situation and your goals for the future, an attorney can help ease the complexities of the divorce process — providing you with an advocate and an invaluable resource during an already stressful time.

For more information on Financial Considerations In A Divorce, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (425) 276-7390 today.

DC Nguyen Law

Call For A Free Consultation
(425) 276-7390

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