The month of January is perhaps aptly nicknamed the Divorce Month. Annually, the month of January tends to see more divorces than at other times in Oregon throughout the year. While this occurs for any number of reasons, many people who start the New Year off by filing for divorce feel antsy and ready to have the process over in as little time as possible. However, in order to protect assets, rushing the process is not necessarily advisable.
Much like writing a school paper the night before it is due, trying to cram the entire divorce process into a miniscule window often results in an inadequate outcome. Each aspect of a divorce is an important piece of the process and should be given its due time and consideration. While this certainly does not mean that divorce processes must stretch on with no end in sight, it does mean that the idea of closing the door on a divorce in a month’s time is unrealistic.
One of the biggest problems that couples face when trying to rush a divorce is missing or skipping over important assets or money. It can take time to gather all of the necessary documents related to investments, bank accounts and other assets, and additional time is sometime needed to determine the accuracy of the information. Since roughly 15 percent of people admit to maintaining a secret bank account that they keep hidden from their partner, ensuring that all assets are present during division of property is a step that does not hold up well to being rushed.
Of course, some of the time spent gathering and confirming necessary financial information can differ greatly between different couples. Those in Oregon who are worried about the time that this might can actually begin the process before ever filing for divorce. Having all relevant information on hand and ready to go as early as possible is one of many effective strategies for keeping the time spent in divorce proceedings to a minimum while still giving necessary attention to important issues.
Source: CNBC, “Breaking up is hard to do: Protecting assets in divorce“, Kelli B. Grant, Jan. 17, 2016