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Record-keeping and saving is important for successful divorce

With spring prepared to go into full swing, many couples in New Orleans may see the new life on the ground and consider making a new life of their own through divorce. Though divorce may seem simple, few consider the amount of preparation and paperwork that goes into the matter. This is particularly important when it comes to property division, especially when there are a considerable number of assets to divide.

In order to prepare for the split, experts suggest that a spouse keep good records. Some attorneys believe that the spouse who wins has the best records, so these are extremely important to the way the assets and support requirements land. Before filing, divorcing spouses should collect credit card statements, year-end statements and tax returns. They should also log their expenses -- all of them -- for several weeks. Some suggest that a budget be submitted as well, allowing the courts to understand spending habits and income as well as any discrepancies between the two. These documents will likely play heavily into the division of assets as well as any alimony determinations.

While these documents are important, there is also another important factor to divorce: being able to afford it. Many suggest having money saved up before filing, just in case things don't go as planned. Even if things do go as planned and you receive a fair share of the assets as well as child support and alimony, these things can be delayed. While these may be delayed, your creditors will still want to be paid on time, thus giving you a perfect reason to save some before the divorce filing.

Experts also suggest talking to a lawyer about the split so that you can understand how things will go. By describing your story as well as your soon-to-be ex's, a lawyer may be able to help you better understand the potential outcome of the divorce.

Source: Fox Business, "4 Financial Steps to Take if You're Considering a Divorce," March 12, 2013

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