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If you're getting a divorce, chances are good that your lawyer has asked you to prepare a lifestyle analysis. This analysis takes into account all income from you and your ex, as well as each of your spending habits. From scratch-off lottery ticket winnings to mortgage payments and grocery store bills -- every bit of income and spending should be recorded in your lifestyle analysis. While the process of gathering all this information can be tedious, there's a very good chance that your efforts will pay off in the end. Here are 3 ways that a well-prepared lifestyle analysis can save money during your divorce.
Cheaper Lawyer Fees
In order to accurately determine how your and your ex's assets should be divided, you lawyer will need to know what those assets are and how much they're worth. Since he or she doesn't have access to your personal information directly, they must rely on you to furnish all the numbers they need.
If you arrive at your lawyer's office with a shoe box full of documents and receipts, your lawyer is going to need to sort all of this information out and arrange it into some logical order. And with the average divorce attorney costing about $250 an hour, you'll be paying cream-of-the-crop prices for their keen secretarial skills.
Save yourself some money by getting 2 large folders with plenty of pockets. Label one "income" and the other one "spending" and then file each type of income records and spending records separately. Once you've accounted for all known income and spending, create a single, comprehensive list of each. These 2 lists serve as your lifestyle analysis; bring them to your lawyer along with your files. Your lawyer can use the analysis for easy reference as they work on your case and won't need to spend their time you've paid for sifting through a messy stack of papers.
Hidden Spending Revealed
One of the chief purposes of a lifestyle analysis is to uncover hidden assets. By examining all income and spending habits, it becomes clear whether or not some of the funds you and your ex earned while married are unaccounted for. An alarming 31 percent of adults who combine their assets with their spouse report lying about their assets. Of this 31 percent, more women than men claim that their spouse has been dishonest with them about money during their marriage. Whether your spouse is reporting less income than they actually made to their lawyer or exaggerating their spending habits, if they're lying about their finances, they're probably doing so in an effort to keep you from getting your fair share out of the divorce.
A lifestyle analysis is a crucial tool in uncovering this deceptive behavior and making sure you get every bit of wealth you deserve. If your ex is caught lying about their finances, they could be held in contempt of court, be forced to pay your attorney fees, and/or receive jail time.
Less Stress-Spending
Last on the list of financial benefits that can come from a well-prepared lifestyle analysis is your peace of mind. How can peace of mind save you money? Women's spending habits are based on emotions more so than men's are. Women tend to counteract periods of high emotions with spending in an effort to make themselves feel better. If you're overly stressed (which is a common consequence of divorce), you're more likely to make impulse purchases on things that you don't really need.
By knowing that you have a well-prepared lifestyle analysis, you can rest easy. Everything you know about the assets you shared with your spouse is out in the open once your lifestyle analysis is prepared, and there's not much more you can do than that. The rest of the work related to your divorce can be handled by your lawyer, and they'll likely do a great job since you've provided them with all of the documentation that they need to get you a fair divorce settlement.
If you're in the midst of a divorce and your lawyer has asked you to prepare a lifestyle analysis, do so carefully and completely. This examination of the income and spending habits that you and your spouse had during marriage serves to save you money in more ways than one. For more information, check out websites like http://kamesquire.com/.
Share18 December 2015
