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If you are searching for informative and helpful information regarding divorce and family law issues in Alabama, you've come to the right place. Mobile and Baldwin County attorney Jim Jeffries provides monthly posting and updates, including informative articles and helpful reviews on current divorce-related news events. Our firm has more than two decades experience in our practice areas and is dedicated to providing excellent service and skilled representation for each of our clients. We also seek to further the education of each of our clients regarding divorce matters, so check back regularly for more information on Alabama Family Law! 

Tuesday, 18 December 2012 07:29

Preparing for Divorce: Step 2 – Make an accounting of the family finances

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Step 2: Make an accounting of the family finances

The next thing you will want to do is to gather as much information as you can in order to get a clear picture of your family’s financial situation. You may already have a firm handle on this, if you are the one that takes care of the finances in your home. On the other hand, you may have no idea what you and your spouse own or owe.

One of the primary functions of the divorce process is to make a division of the assets and debts of the marriage. In order to get a fair division, you must know what there is to divide.

This is a three step process:

A. Determine what you own.
B. Determine what you owe.
C. Determine income (both yours and your spouses).

I will cover each of these in more detail in subsequent, separate posts.