While national statistics regarding divorce aren't the most reliable numbers, it is believed that 40 percent of married couples will seek the dissolution of their union. Regardless, the number of couples seeking divorce, whether in Washington or elsewhere, is pretty significant. With so many couples looking to end their marriages, planning and preparing for divorce proceedings is essential.
The current economic growth is believed to be behind the surge in divorce filings that have been in seen in the past year or two. More spouses are feeling confident in their ability to financially support this change and are taking this big leap. While everyone has their own individual reasons for seeking divorce, there are certain steps all divorcing couples should consider taking before moving forward. Some of these steps include making lists and taking photos of all assets, debts and income sources; keeping a detailed budget to establish cost of living expenses and save for divorce expenses; establishing a personal line of credit and keep track of marital credit accounts and looking into all available divorce options from litigation to alternative methods.
Money is a huge factor for numerous couples in their decision to divorce. Being prepared and knowledgeable about pre and post divorce finances can help spouses know how taking this step will affect their living standards and know if they should seek support payments. This information can also help them keep track of marital funds to ensure assets are not conveniently disappearing before they can be divided.
Spouses in Washington who have decided that divorce is what is right for them, can take these and other important steps to protect themselves and prepare for the difficult road ahead. Having expectations for divorce is okay, but being willing to negotiate will go a long way in quickly resolving any issues. Legal guidance is available to ensure all aspects of divorce are considered and legal protections are being provided for both sides, which will allow each spouse the ability to walk away from the marriage feeling satisfied with the final terms.
Source: The Wall Street Journal, "How to Plan for a Divorce", Veronica Dagher, Sept. 6, 2014