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“People are more generous in their income reporting on credit or loan applications than they are in, say, their 1040,” said Narris, who went on to stress that loan applications could be crucial parts of a divorce discovery. Gather Key Evidence Before Filing for Divorce If you’re thinking of filing for divorce, it can be tough not to walk out the door when your spouse pushes your buttons.However, Narris recommended that individuals take time to collect evidence before a split.In her practice, she advises those considering divorce to buy big items before filing. Keep Track of Your Spouse’s Money If you’re thinking of filing for divorce or legal separation, it’s a good idea to take a look at your spouse’s financial situation.
According to Narris, if what you’re hiding is discovered, you’ll lose your credibility in court.
There could also be stiff penalties, including monetary sanctions.
To protect yourself and your property during a divorce, it’s best to declare all assets upfront. You Can Write Off Alimony Payments on Your Taxes People who pay alimony are rarely grateful for the opportunity.
One way to cut down on these expenses is to use a mediator.
A mediator doesn’t work on behalf of any one party, just facilitates agreements.
“Even if you receive support, the courts can impute income and expect you to be working if your kids are school aged and you are not of retirement age or disabled,” said Narris, who cautioned against “depend[ing] too much on a hopeful spousal support award.” Updating your education now can help protect you later if things don’t go your way in court. Familiarize Yourself With Your Finances Before You Split Normally, one person in a household manages the finances.