Is There a Financial Advantage to Filing for Divorce Before Your Spouse?
February 25, 2021
Line Up Your Team in Advance
When going through the divorce process, you will need the right team to protect you and your interests. You need a qualified attorney who you connect with and trust, and you may need a divorce financial analyst. You may even want to have a therapist as part of your team to make sure you are emotionally healthy and prepared for all the upheaval ahead of you.
When assembling the team, you can consider your budget for the process and choose your experts accordingly. When your spouse files for divorce first, you may find yourself scrambling to assemble this team. You may settle for an attorney you don’t connect well with, but you needed to make sure you had one quickly. By filing for divorce before your spouse, you can take a look at your budget and give yourself the time you need to find the right experts for your team.
Gather the Documents You Need in Advance
Divorce can be financially messy. You need to have copies, easily at hand, of all financial and legal documents. Bank statements, brokerage statements, investments, tax returns, wills, retirement accounts, asset statements (including any property you own or co-own), as well as credit card statements and other debt. Filing first means that you can make sure you have access to all this paperwork and can assemble it for your team before accessing it becomes complicated. You can also make sure that you’ve set aside money for the expenses involved that you can access without your spouse. Having a credit card in your name, as well as an account in your name, can be crucial.
Filing for Divorce Before Your Spouse Prevents Asset Hiding
Some spouses, especially if the divorce has the potential to be contentious, will try to hide or move assets to prevent you from gaining access to them or claiming a share. If you file first, and if you’ve made sure to get your financial ducks in a row, you can avoid this altogether.
The Spouse Who Files First Chooses the Jurisdiction
This particular advantage is usually only present when you have already separated and are living in different counties or states. If you own property in, or spend time in different states, you may want to look at the laws of each state. Child custody, division of assets, and other legal advantages may be more favorable in one state over another. If you file first, you will have the advantage of choosing the jurisdiction of where to file. Speaking with your attorney can lead you toward the right choice when it comes to this particular advantage.
First to File is Usually First to Present to the Judge
There are pros and cons to presenting first. On one hand, your information will be the first that the judge hears and will allow you to present well. However, presenting first can reveal your strategy to your spouse, who can then adjust their presentation to counter yours. It’s important to discuss this with your attorney. Filing first may give you the feeling of control you need, whereas responding to your spouse filing for divorce first may make you feel off-center.
The most important thing to consider when filing for divorce is finding an attorney you trust and can connect with. A good attorney will be able to review everything in your case, make sure you are prepared, and advise you toward the strategies that will give you the best outcome. If you’re in need of representation through your divorce, contact my office today.