Nebraska's Premier Family Law Firm Now Accepting Cases in Iowa Call Today 402.509.7033

Understanding Finances in Your Divorce Case

Understanding Finances in your Divorce Case

There are a number of things you should understand in your divorce case as it relates to finances. The most important of these are dividing income and debt at the beginning of your case, understanding your overall financial picture, and using a budget effectively in your divorce.

DIVIDING INCOME AND DEBT AT THE BEGINNING OF YOUR DIVORCE

At the beginning of your divorce case, it is important to accurately divide your income and debts. This ensures that each party has enough money to meet their financial obligations and that all bills continue to get paid. If your attorney cannot reach agreement with opposing counsel regarding how finances will be handled while your case is pending, then you may have to have a hearing in front of your judge. You can help your attorney by providing accurate information regarding your income and expenses early in your case.

USING AN ASSET AND LIABILITY WORKSHEET

After you have resolved your interim financial issues, you should turn your attention to the overall financial picture of your divorce case. The easiest way to do this is to use an asset and liability worksheet. This worksheet can be used to list all of your assets along with any associated debt. This will provide you with a comprehensive picture of how your assets and debts should be fairly divided.

PREPARING A BUDGET IN YOUR DIVORCE CASE

Let’s be honest. People HATE preparing budgets. Your failure to do this in your divorce, however, can have disastrous consequences for the resolution of your case. This is especially true if there is a claim for alimony (also known as spousal support) in your case. The court always looks at need and ability to pay of both parties when making alimony determinations, and in this regard your budget is of ultimate importance.

Download Our Free E-Book

Download Our Free E-Book

Breanne Biehl

Todd is an incredible attorney. I’m not sure I will ever be able to thank him enough for what he has done for my daughter and I through and even after my divorce. He explains everything throughout the process and is a truly genuine person. I have already recommend him to friends and family and continue to recommend him to anyone that needs a great family attorney.

Ryan McCoy

I have known of Dave and his success in family law for many years. No doubt that he has assembled the best team to bring top notch legal help to the metro. Decades of successful experience is what you need when trying to navigate such a tumultuous time in life. Nobody wants to go through a divorce, but it pays to have someone you can trust looking out for you and your interests.

Chels Popanda

I would highly recommend Chris Pomerleau for a family lawyer. He was very detailed on explaining every step of the way. He always kept me informed. There are no words that can describe what it was like to find a lawyer that took my best interest in all he did. Chris is not my first lawyer and I would use him again if needed. The best family lawyer out there.

Alee Guthrie

Greg Lake is an attorney I would recommend without hesitation to anyone facing a divorce case. He really listens to his clients, which I think is one of the most important things in a lawyer, and he stays focused on what is really important in your case. Highly recommended!

Dan Workman

I was fortunate enough to have Megan Spomer take my case in the pursuit of the custody of my daughter. I was lost, confused, and didn’t know where to start. I thought all was lost… till I meet with Megan. She picked me up, gave me support, and confidence. Within months I had full custody of my daughter and without Megan it would have never been possible I thank you I praise you Megan Spomer. If your a man who does right by his children Megan is the attorney for you!!!