Many family law firms report that January has a surge in divorce cases, with many spouses desiring a new start in the New Year, so much so that this phenomenon is referred to as “Divorce Monday.” The attorneys at Blood Law help numerous clients from all financial backgrounds prepare for filing divorce and determining the right time to file in their individual situation.
A study out of the University of Washington revealed that the most common months to file for divorce are March and September. Presumably, part of the rise could be due to spouses who were holding out and hopeful that their relationship would improve in the month of Valentine’s Day or during the summer.
The Right Time: Emotional Versus Financial
Even though these are the most popular times to file for divorce, are they the right time? The problem is that these divorce decisions are often based on emotions. While divorce is undeniably emotional, and spouses need to be emotionally prepared, the right time for divorce should not be emotionally rooted. It should be rooted in your finances. An experienced Charlotte divorce attorney can review your circumstances to help you determine the right time to file for divorce in your situation. They can guide you through the steps of financially preparing for a divorce.
Gather Financial Paperwork
Find a safe location such as in a safe deposit box or with a friend that you can place your financial paperwork. This way, the other spouse will not have access to it and cannot hide or destroy it. Paperwork to collect should include:
- Income tax returns
- Other tax forms or documents
- Income information
- Financial business statements
- Loan applications made within the last five years
- Banking information and statements for both spouses
- Deeds of real property
- Life insurance certificates
Seek the expertise of a seasoned lawyer to determine what other documents may be necessary for your divorce.
Establish Your Own Financial Necessities
Before filing for divorce, it is crucial to perform the groundwork necessary for a positive financial future. If you don’t already have credit cards in your own name, now is the time to do so. You should also obtain a copy of your credit report. If you find any errors, take steps to correct them.
Consider How You Will Fund Your Divorce
Before pursuing a divorce, it is imperative that you have a plan to pay for it. Some spouses will need to save money in order to be able to file for divorce. Others may dip into their savings accounts or even access a fund they have stashed away. There are even divorce-funding companies that provide money upfront in exchange for a part of your settlement.
Turn To A Trusted Charlotte Divorce Law Firm
No matter the month or season, the right time to file for divorce is when you are certain that it is the step you need to take, and you are fully prepared to do so. If both of these factors are not true for you, it is the wrong time. Contact us today to schedule a case review by calling 704.946.8083 or use our confidential online contact form.