How To Prepare Financially For Divorce In Albuquerque, New Mexico?

There are keys areas to improve as you financially prepare for divorce in New Mexico.

 

 

Have you thoroughly prepared for your divorce?  Even in the early stages before hiring a lawyer, your preparation can impact the divorce process.

Divorce involves a series of steps. The first step is deciding if divorce is the right move towards a better chapter in one’s life.  The next step is organizing the financial information that will be used during the divorce process.  Preparing financially for divorce is a big step towards your future.

Facing the unknown can be terrifying.  The thought of divorce often leads to stress, anxiety, or feeling overwhelmed.  Possibly you have heard horror stories about divorce that are told like a scary story over a campfire.

An ugly divorce doesn’t have to be your fate.

HOW TO PREPARE FINANCIALLY FOR DIVORCE IN ALBUQUERQUE, NEW MEXICO

The steps that you take to prepare for divorce can impact the divorce process.  Taking action helps to achieve a sense of control while reducing stress of the unknown.   Be prepared financially.  By putting in the work now, you reap the benefits later.

Divorce is a mystery.  You are Sherlock Homes.  Uncover clues about your finances.  Do you have all of the need information about your community finances, such as:

• Each party’s income;
• Home debt and value;
• Car debt and values;
• Retirement account values;
• Bank accounts;
• Are there other property, assets, stocks, bonds?

Your job as a detective is to shine a light on your full financial picture. Is your financial picture clear or fuzzy?

A clear financial picture enables your attorney to represent your interest more effectively and work towards a common, clear goal.

Putting in work on the front-end enables your attorney to protect your interests on the back-end. By collecting and organizing all of the necessary information your lawyer will have a better map towards the desired destination.

Financial information falls under distinct umbrellas.  Here are three areas to focus on while you collect the necessary financially information for divorce.

FINANCIAL DOCUMENTS NEEDED FOR DIVORCE IN NEW MEXICO

There are a number of financial documents that are necessary to complete your divorce in New Mexico. These documents include:

• Financial statements (separate and joint);
• Bank account information (separate and joint);
• Home mortgage statement;
• Vehicle debt;
• Stocks or bond information;
• At least two years of tax returns;
• Retirement, pension, IRA, 401K information;
• 4 most recent paystubs;

This information will be needed in addition to any other relevant information that impacts your financial picture.

 

 

ASSET INFORMATION NEEDED FOR DIVORCE

The more information that you have regarding your community assets, the clearer picture that you will have about your divorce.  Here are some documents to retrieve while preparing for divorce:

• Household items;
• Inventory of community property;
• Vehicle information;
• Equipment information such as trailer or other items; and
• Home debt and value;

LIABILITY INFORMATION NEEDED FOR DIVORCE

Every yin has a yang.  In addition to asset information, debt information is also needed.  Collect the following debt information for divorce:

• Records of liens, foreclosure, bankruptcy;
• Household bills;
• Loan information;
• Credit card statements;
• Mortgage and Home Equity Line of Credits (HELOC); and
• Lease payments.

As you can see, by preparing for your divorce you are preparing to win.  Part of the preparation process also includes noticing signs that your spouse is preparing for divorce.

SIGNS YOUR SPOUSE IS PREPARING FOR A DIVORCE IN NEW MEXICO

Part of preparing for a divorce in New Mexico involves noticing signs that you spouse is planning a divorce.  Similar to preparing yourself financially for divorce, you should begin to think like a detective and look for signs that you spouse is planning for a divorce.

FINANCIAL SIGNS THAT SIGNAL A DIVORCE IS LOOMING

• Financial documents or folders suddenly missing;
• Increased anger or hostility towards finances;
• New and sudden interest in finances;
• Avoiding questions about finances;
• Large cash withdrawals or transfers;
• Account statement no longer appear by mail;
• Account passwords suddenly change;
• New names on accounts, deeds, titles; or
• Financial threats if divorce begins.

YOUR SPOUSE’S RELATIONSHIP WITH CHILDREN OFTEN SIGNALS A DIVORCE IS COMING

You should also look to your spouse’s relationship with your children to notice if a divorce may be looming.  The following child related signals often suggest that a divorce is looming:

• Sudden interest in the children;
• New desire to become more involved;
• Becoming more involved with dentist and doctor visits;
• New interest in extra-curricular activities;
• CYFD involvement in Albuquerque;
• Legal terms like “best interests of the child” or “primary caregiver” appear; or
• Sudden demand to takeover duties such as taking the child to school, homework, etc.

PERSONALITY AND RELATIONSHIP CHANGES CAN BE A DARK SIGN OF DIVORCE

 

 

In addition to finances and the children, you should also be on the lookout for changes to your spouse’s personality, or to your relationship.  Look for the following clues:

• Increasingly negative interactions and communication;
• Avoiding each other;
• Growing unhappiness;
• Simple aspects of life become hard;
• Gut instincts;
• Anger and abuse issues;
• Family and friends begin to suggest divorce.

WHEN IS IT TIME TO CONSULT WITH A ALBUQUERQUE, NEW MEXICO DIVORCE ATTORNEY?

Timing is important when it comes to some aspects of divorce, such as talking with a lawyer.  Possibly you worry that speaking to a New Mexico divorce lawyer too soon will push a fragile marriage over the edge.  You can be affecting your case by waiting too long to speak with a divorce lawyer.  This is especially true when your spouse has already contacted a lawyer and is taking steps to prepare.

It is best to error on the side of caution and speak with a Albuquerque, New Mexico divorce attorney sooner rather than later.  It is never too early to speak with a Albuquerque, New Mexico family law attorney.  The sooner that you speak with an experienced and knowledgeable attorney, the sooner that you will have an idea about New Mexico divorce law.  With an understanding of divorce law in Albuquerque, New Mexico, you enable yourself to begin taking strategic steps towards a goal.

IS IT TIME TO CALL A NEW MEXICO DIVORCE LAWYER?

Possibly your divorce has been in the making for quite some time.  Potentially you have been blind-sided by the divorce.  Here are some common situations that lead to speaking with an experienced Albuquerque divorce attorney:

• You are considering filing for divorce;
• Your husband/wife has filed for divorce in Albuquerque;

Perhaps you are simply looking to educate yourself on New Mexico divorce laws.  No matter the specific reason, it is always best to consult with an attorney as soon as possible.  Taking immediate action can ensure the best outcome with your NM divorce case.

By immediately speaking with a divorce lawyer in Bernalillo County, you can understand the necessary steps to take before speaking with your spouse.

WHAT TO EXPECT WHEN YOU TALK WITH AN ALBUQUERQUE DIVORCE ATTORNEY

Expect the following financial questions:

• Each party’s income for child support and alimony;
• Vehicle debt and value;
• Home debt and value;
• Bank account information;
• Retirement, 401(k), IRA, pension information; and
• Debt balances.

 

Anticipate the following questions about your child:

 

• How old is the child?
• Who is the child’s “primary caregiver?”
• If separated, what parental time-sharing is being followed?
• Are there any issues regarding domestic violence, mental health issues, or substance abuse?
• What is your desired outcome regarding time-sharing and custody?
• Are there any other issues that impact the child’s bests interests?

 

(505) SANCHEZ HELPS YOU UNDERSTAND AREAS TO IMPROVE AS YOU FINANCIALLY PREPARE FOR DIVORCE IN ALBUQUERQUE, NEW MEXICO

Matthew Sanchez is a top rated Albuquerque family law attorney in Albuquerque, New Mexico.  Sanchez helps you understand areas to improve as you financially prepare for divorce in Bernalillo, Sandoval, and Valencia counties.    Sanchez is part of a legal team that can help you understand areas to improve as you financially prepare for divorce in Albuquerque, New Mexico. For more information on divorce and family law in Albuquerque, New Mexico call (505) SANCHEZ.