Nobody likes to be the first person to call it quits, especially when you are dealing with an arrangementas complicated and emotional as a marriage. However, in terms of finances and legal ramifications, sometimes it pays to be the one to get the ball rolling. Here are three big advantages of being the first to file for divorce.
1. Organize Your Finances
It’s no secret that divorces can be incredibly emotional, especially in situations where spouses are worried about their financial future. Fortunately, by making the decision of when to file and taking matters into your own hands, you can get all of your financial ducks in a row before you have to disclose your assets in court.
In addition to making sure you have enough personal savings to retain a legal team and move forward with the official divorce, you can also open a credit card in your name, which can be more difficult to do when you are going through a legal separation. You may also be able to prevent allowing your soon-to-be-ex empty out bank accounts by adding extra layers of security like additional bank passwords, making it easier to fairly divide your assets.
If you will be the one to move out, being the first to file also gives you the chance to line up living arrangements for you and your children, making the transition into the single life a little easier and less pricy. For instance, you could talk with family members before you file to ask if you could
stay there for a set amount of time, or look for rentals in your area within your price range.
2. Make It Harder for Your Spouse to Hide Assets
During a divorce, the courts will evaluate all of your joint assets to determine a fair and equitable split between your properties. Unfortunately, to tip the scales in their favor, some spouses are tempted to try to hide assets and keep them for themselves later. By filing first, you make hiding assets harder, because you will have the upper hand on the situation.
After you organize your legal team, they will start the process of discovery, which involves evaluating finances and determining which properties, monies, and other assets are marital assets. Once these items have been discovered and documented, they become nearly impossible for your ex to hide.
These simple steps help to protect you from entering into a divorce where the grounds aren’t fair, since your soon-to-be-ex won’t be able to do things like empty out checking accounts, cash out your life insurance policy, or sell the family car to set aside more money for themselves.
3. Choose a Favorable Jurisdiction
In the months leading up to a divorce, living situations can change dramatically. While you and your spouse may have once lived together under the same roof, it isn’t uncommon for people to separate months ahead of time and live in different states, which can make a difference when it comes to filing for divorce.
Since every state has different residency requirements,a spouse who relocates to live with their parents in Idaho or Nevada could legally file for divorce in those states after living there for as little as 45 days, which could subject you to a different set of divorce laws than you are prepared to handle.
However, by being the first to file, you can file in your home state so you know what to expect when it comes to your divorce.
If you are in an unhappy marriage, give us a call today to start looking at your options. Here at the Law Offices of Lynda Latta, LLC, we are focused on making complex legal transitions as smooth and stress-free as possible, helping you to improve your quality of life. Contact our team as soon as possible to find out how we can help.