There are many financial concerns that may come up during divorce. Instead of worrying about the potential for these issues to arise, it’s better to learn more about them and prepare for them ahead of time.
Divorces are already stressful, and you’ll face a number of decisions. Don’t go into a divorce without all the education and information you need to make an informed decision. Many people rely on their attorneys and financial planners, because these individuals can help them make good financial decisions for the future.
During your divorce, one of the main financial issues is the division of property. Dividing property might seem simple, but when you begin to think about all the assets you’ve obtained over time, it’s clear that it’s not as easy as it looks. You need to track down every asset you have and make a list. Know each item’s value. If you don’t know the value, have someone evaluate it and come up with a value for you.
You also need to know which assets are your separate property. Be prepared to argue against claims for those assets. For example, if you had an inheritance kept in a separate bank account and then purchased a car with that inheritance, your spouse shouldn’t have a claim to it in most cases.
At this point, it also helps to open your own accounts; make sure your paychecks and deposits all go to your own private bank, so there is no question about who owns that money. Our website has more information about what you can do to make your financial situation more stable during divorce.