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Financial and divorce process knowledge important during split-up

Getting divorced is never really easy even in the most amicable of split-ups. After all, in addition to trying to sort out their emotions, the spouses who are splitting up have to sort out their finances, too. A couple of tips may help with this process during a divorce proceeding in Alabama.

Becoming familiar with the household finances is critical when starting the divorce process. This includes knowing what properties are owned and how much is owed on these properties. Knowing what credit accounts exist and the couple's net worth is also essential, as is learning about existing insurance policies and what they cover. Much of this information can be placed on a spreadsheet for easy reference.

Next, figuring out how to proceed with the divorce is an important step early on. For instance, if two spouses cannot get along long enough to resolve their issues on their own, they may decide to simply go to trial, where a judge will make final decisions regarding their finances and other divorce matters for them. Alternatively, they may choose divorce mediation or collaborative divorce.

Divorce mediation and collaborative divorce in Alabama are alternatives to litigation that tend to be much more amicable and less expensive than litigating a divorce. The two spouses simply discuss their issues, such as the division of property, and work toward reaching a mutually beneficial settlement. If they have minor children, they can also work together on a parenting agreement that pleases both parties and considers the children's best interests long term.

Source: chicagonow.com, "What to do asap when your spouse wants a divorce", Ann Cerney, Aug. 22, 2017

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