BlitZ
A couple may have concerns about what will happen to their assets and how they will manage finances after their divorce. A divorce lawyer plays a major role in navigating the process, and they handle paperwork and deadlines while protecting their client’s interests. Here are a few ways a lawyer assists in asset division and financial settlement:
Creating Financial Disclosures
One of the first tasks a divorce lawyer does is provide financial disclosures to the court on behalf of their client. Once a couple files for divorce, both parties must disclose their finances on a form; this statement includes assets, debts, and income earned. The client provides paperwork for the attorney to create the disclosure statement. This paperwork may include:
- Bank statements
- Tax returns
- Property deeds
- Credit card balances
- Loan paperwork
- Investments
- Other debts
- Other assets
The attorney can help their client access any paperwork that they may not have, such as a deed to property or title to a vehicle. They often work with experts to determine the value of real and personal property to record on the financial disclosure. Failure to disclose finances delays the proceedings, and it can lead to serious consequences, including loss of benefits. Attorneys put the information onto the correct form and present it to the court. They file all required paperwork to move on to the next step.
Representing Clients in Mediation
The couple can go through mediation, so they can settle their financial obligations without a judge deciding the case. The attorney represents their client and helps with the mediation process. During this process, they may discuss what to do with the family home, whether one person will live there with the children or if it will be sold.
Both parties decide how to divide investments and other assets in mediation. They may determine how to handle a family business, such as one party buying out the other or continuing to own the business as partners. The parties decide how to handle retirement accounts; this applies if both names are on the account or if the second person is named as a beneficiary. If the parties cannot agree on the financial assets and debts, the court will decide.
Monitoring Deadlines
Once a person files for divorce, it begins a timeline for several tasks to be performed. The other person must be served and given time to respond before the process moves forward. After the attorney turns in the completed paperwork, court dates are set based on the availability in the court’s schedule. An attorney keeps their clients informed of mandatory deadlines, such as parent education when children are involved.
Negotiating Alimony and Spousal Support
Judges award alimony and spousal support case-by-case. Some parties cannot work because they care for the children or have health issues. The divorce attorney will present the necessary documentation to show the need for financial support for their client. If they represent the party being asked for support, they must show why the person can’t provide it; their client may be unemployed or underemployed, have other children to care for, or have medical expenses. A prenuptial agreement also limits support and financial obligation. To represent their client, an attorney may need to provide specific information:
- Any financial contributions made during the marriage
- The standard of living established during the marriage
- Responsibilities for the children
- Any education or special training needed for the client to find employment
- Any distributions that have been made
Guiding Clients Through the Process
An attorney supports their client through the divorce process, and it starts with an initial consultation. At this meeting, the client presents their situation and the circumstances affecting the case, such as whether there are children and the reason behind the divorce. The attorney answers questions and provides direction on the next steps, including grounds for divorce to list in the filing. If the divorce is listed as a fault divorce, they must provide details on what the fault is, such as addiction, adultery, or cruelty.
Because the attorney understands the local court system, they can help the process move more smoothly, especially since they know what the judges expect. The attorney will explain court etiquette; this includes how the client should present themselves to the judge. They advise their client on how to respond in mediation and what terms to accept.
Choose an Experienced Divorce Lawyer
An attorney can prepare clients for what comes next after they decide to get divorced. They will guide clients through the required paperwork and help them navigate the steps, so they are able to divide their assets and manage finances. Contact a divorce attorney for a consultation.
