Getting Divorced? Essential Financial Tips

As a family law attorney in Indiana, David R. Phillips spends much of his time providing guidance and counsel to those going through divorce proceedings. Over the years, he has noticed a trend: while many people focus on their soon-to-be ex-spouse’s finances, they don’t always spend enough time thinking about their own financial arrangements and needs.

To help alleviate these oversights, this blog looks at the key steps that you, or anyone going through a divorce in Indiana, should account for as they set out to finalize their separation or divorce. Every divorce is different, and you’ll want a qualified legal professional on your side but for the time being, here’s some essential tips to know when navigating a divorce in Indiana!

Set A Budget for Your Core Needs

This is critical for anyone that is soon to be divorced, especially when you’ve relied on a spouse’s income to make ends meet. Most people experience a decrease in income after a divorce, and the costs associated with the divorce itself rack up quickly. Take the time to figure out exactly how much you need to meet your basic needs every month, which will serve as a valuable starting point for your current and future finances.

Take Care of All Administrative Details

Now is the time to start gathering your documents! As any family law attorney will advise, you’re going to want copies of as many financial statements as you can collect. These documents are critical when it comes to division of assets, child custody arrangements, and more, Lacking the proper documentation or not being fully prepared with the correct information could end you up on the short end of the dispute.

Think About Your Long-Term Goals

It might be hard to think about the far future when you’re still deep in middle of your divorce process, but you need to look at the bigger picture. Where do you see yourself once the dust has settled and you have embarked on your new life? You need to let this question guide your next moves, whether you’re wanting to pay off debt, are considering a career change, or are maybe even playing with the idea of going back to school.

It’s impossible for a blog post as brief as this one to account for the variety of situations out there, and no divorce ever plays out the same. If you want more guided assistance tailored to your specific situation, remember that seasoned family law attorney David R. Phillips is just a phone call away. Call today at 219-929-7060 to learn more about how he can help you with your family law matters in Indiana, and to schedule a free initial consultation.

Why Mediation Makes Sense: The Main Benefits Of Mediation

It’s true; divorce is messy and expensive no matter how you go about it. What many people don’t realize however is that there are alternatives to traditional divorce proceedings, all of which are designed to speed up the process and make your life easier. One of these options is mediation, the legal process where feuding spouses come together in an attempt to reach a mutual agreement on a variety of issues, all without involving the family law courts of Indiana.

Mediation is comprehensive and can cover topics ranging from child custody and support arrangements, agreements on how property is to be distributed, and more. For this post, we decided to cover the main benefits that mediation carries.  After all, we always advise our clients to opt for mediation whenever possible.

Mediation Saves Time and Money

The most obvious benefit to mediation involves the financial side of things. In general, mediation saves you a whopping 40-60% when compared to traditional divorce proceedings. A big part of this is that while divorce can be lengthy and drawn out, mediation allows both parties to quickly and efficiently come to an agreement. Not only that, but since you have more control over the outcome of your case, you could find yourself saving a fortune in child support, spousal support, and other related expenses.

Mediation is Private and Confidential

Another major benefit to mediation is that it is an entirely private affair. In contrast, divorce is public and just about anyone can dig around and nose into your business, especially when the juicy details become part of the court record. With mediation, no one other than your ex-spouse and the assigned mediator ever need to hear the details of your divorce, making it an attractive option for those who wish to keep the public eye away from their private affairs.

Mediation is Amicable and Benefits Children

The nature of mediation means that you’ll have time to negotiate with your ex-spouse, which fosters a more amicable relationship. This also benefits your children, as it allows you all to work together in order to plan all arrangements and ensure that they are always provided for and looked after. In general, children as much happier when both parents are involved in their lives, and mediation opens the path for a healthy relationship even after parents have separated.

Want to Learn More? Talk to a Mediation Attorney in Indiana

We hope this information helps you make a decision as you move forward with your divorce proceedings, or at least provides some insight into how mediation works in Indiana. If you want more tailored advice, and to schedule a free initial consultation with an experienced divorce attorney, know that you can always count on David R. Phillips. Call today at 219-929-7060 to learn more about how he can help.