Pre-Divorce Planning

Deciding to end a marriage is one of life’s most challenging and emotionally charged experiences. The path forward can seem filled with uncertainty about your finances, your living situation and your children’s well-being. But you don’t have to navigate this journey unprepared. Taking proactive steps before filing for divorce can provide clarity and a sense of control during a turbulent time. At Arshad, Pangere & Warring, LLP, our experienced attorneys help clients through pre-divorce planning. We provide the strategic guidance necessary to protect your interests and help you confidently prepare for the next chapter of your life. Our approach is direct and simple, ensuring your questions are answered promptly as we develop a strategy that fits your unique needs.

Gather Your Financial Documents

A clear financial picture is the foundation of a fair divorce settlement. Before any legal proceedings begin, it’s crucial to gather and organize all essential financial records. This documentation will be vital for accurately assessing your marital estate and ensuring a fair division of assets.

Start by collecting and making copies of the following:

• Tax returns (at least the last 3-5 years)
• Bank statements for checking, savings and investment accounts
• Pay stubs and W-2s for both you and your spouse
• Credit card and loan statements
• Mortgage documents and property deeds
• Retirement and pension account statements (e.g., 401(k)s, IRAs)
• Insurance policies

Understand How Assets Are Divided

In Indiana, marital property is divided under an “equitable distribution” model. This means assets and debts acquired throughout the marriage are divided fairly, which doesn’t always mean a 50/50 split.

• Marital Property: This generally includes all assets and debts acquired by either spouse from the date of marriage until the date of separation. This applies regardless of whose name is on the title or account.
• Separate Property: Any assets owned by either spouse prior to the marriage, as well as any inheritances or gifts received by one spouse during the marriage, may be deemed separate property. However, if these assets were commingled with marital funds (for example, an inheritance deposited into a joint savings account), they could become subject to division.

An attorney can help you identify which assets are marital and which are separate, ensuring your property is categorized correctly.

Consider Your Children’s Needs

For parents, the primary concern is often the well-being of their children. Before filing, it is important to think about the arrangements that will best support them. Consider the following:

• Child Custody: How will you and your spouse share decision-making responsibilities?
• Parenting Time: What will the schedule for day-to-day care look like?
• Child Support: What financial support will be necessary to cover the children’s needs?

Indiana has specific guidelines for parenting time and child support calculations. Discussing these matters early can help create a more stable transition for your children.

Plan for Your Future

Divorce will change your financial reality. Creating a post-divorce budget helps you prepare for financial independence. Analyze your current income and expenses to project what your needs will be after the separation. This includes planning for housing, daily living costs and potential changes in your employment. Taking control of your financial future now will build a stronger foundation for the life you want to lead.

Take Control of Your Next Chapter

While the thought of divorce can be daunting, pre-divorce planning empowers you to face the process with knowledge and confidence. By organizing your finances, understanding your rights and focusing on your future, you can transition to the next phase of your life on the strongest possible footing.

The skilled divorce attorneys at Arshad, Pangere & Warring, LLP are ready to guide you through every step. We have a reputation for providing robust legal advocacy tailored to even the most complex divorce issues. Contact us today to learn how we can help you prepare.