Filing for divorce is a significant decision that affects various aspects of your life. If you live in Michigan and are considering this step, preparation is key to a smoother process. Before proceeding, gathering the necessary documents and understanding your current financial situation will provide a solid foundation for the steps ahead.
Gather financial documents
The first step in the divorce process is developing a clear picture of both your assets and debts. Collect your recent tax returns, bank statements, pay stubs, and any investment records. Also, gather proof of ownership for any real estate and vehicles. It ensures fair discussions about division of property and responsibilities.
Assess monthly expenses
This includes utility bills, mortgage or rent payments, insurance premiums, and any other recurring costs. Knowing your expenditures helps you set a realistic post-divorce budget. It also aids in discussions regarding alimony or child support, if applicable.
Inventory household and personal items
Make a comprehensive list of all items in your home, especially those you own jointly, from furniture to electronics and valuable personal items like jewelry. This step can help prevent disputes about item distribution later on.
Review your credit report
Reviewing your credit report will give you a clear understanding of your credit health, which the separation could impact. Ensure no unknown debts link to your name. If so, address any discrepancies you find immediately.
Plan for living arrangements
Consider where you will live during and after the divorce. Whether you plan to stay in your current home or move out, you should think about the implications of each choice.
Taking these steps before filing for divorce ensures you are well-prepared and informed about the journey ahead. By organizing your affairs early, you can approach this significant change with confidence and clarity.