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What will happen to my finances in a divorce?

On Behalf of | Nov 20, 2020 | divorce | 0 comments

It’s common to have concerns about your finances as you move through the divorce process. The sooner you address these concerns, the sooner you can implement a plan to provide you with the peace of mind you’re seeking.

While no two couples face the same divorce circumstances, there are a variety of issues that tend to move to the forefront.

Here are some of the most important details to think about:

  • Separate and marital assets: If you have separate assets, such as a bank account that you never co-mingled during your marriage, it may not be subject to division in divorce. When creating a property division checklist, make note of which assets are separate and which assets are marital. This gives you a clear idea of the approach you should take to protect them. Also, make note of any assets your spouse is trying to hide from the court.
  • Separate and marital debt: Just the same as assets, debt division is a big part of the divorce process. Outline which debts are separate and marital, as to protect yourself against taking on something that you shouldn’t have to pay.
  • The family home: For many people, this is one of the biggest concerns in divorce. They’re worried about what will happen to their family home, especially if they want to stay put. Consider all possible outcomes, including you staying in the home, your ex-spouse staying in the home and selling the property and splitting the proceeds.

Proper preparation is a must

Proper preparation will put you on the right track to success, all while clearing your mind during a very difficult time. In addition to creating a property and debt division checklist, don’t hesitate to consult with a financial advisor and tax professional. This will help you see details that you may have otherwise overlooked.

It’s important to remain flexible and open-minded during the divorce process, as compromise is necessary to moving on with your life. When you know how divorce will affect your finances and the steps you can take to protect your legal rights, it’s easier to implement a plan that will relieve some of your stress during this difficult time.