Divorce Financial Advice
When it comes to divorce we are more concerned about sentiments and emotions rather than the larger issue of finance. The word finance seems to be mean at a time when your relationship is on the verge of getting finished. But the truth is that if we do not safeguard our interest at this point of time we will regret in future. Thus financial advice in divorce has a lot of importance.
Even before the divorce petition is filed in the court we should start making a draft of our future financial plan. Our mind should have the blueprint of how we plan to support ourselves after separation. Our future financial plan must include the following
The answer to these questions is going to affect your future financial plan. Once you have made up your mind regarding your future needs and what actually do you want from your spouse as a part of financial support or share, its time to seek expert financial advice to get the desired results.
- Will I bear the expenses of children?
- How much alimony or maintenance do I expect from my spouse?
- How much share do I want in my spouse’s property or assets?
- If I have invested in some joint property do I want the money back, or the ownership of the property?
- What about the cash that is lying in bank under joint name? How much share do I want to withdraw?
- Do I still want to be beneficiary of the insurance money or I want back my share of the premium paid to the insurance company?
Most of the wise couples seek financial advice for divorce even before they file the petition. Expert financial advice helps the couple in the following ways:
Ending the marital relationship changes the course of our life, emotionally, socially, and financially. While we get swayed emotionally we fail to foresee the financial consequences of divorce. The lack of financial foresightedness can ruin our future with no monetary backup to restart our life.
- State Laws: An expert financial lawyer knows the rules of the state related to division of asset and property. Each state in US has different laws related to division of assets. Only a professional advice can help you with that.
- Division of Assets: Division of asset is a complex task. First of all you have to determine as to what all can be considered as assets. Even small things like home furnishing, art objects, electronics, jewellery and so on come under assets. Financial advice can provide elaborate information on these issues and also see that each party gets a fair share.
- Division of Liabilities: There are ongoing liabilities that need to be taken care of after separation. For example, you might have an insurance plan under your joint name where both of you pay the premium together. With financial advice you can discover a smart way of dividing these liabilities.
- Revisiting Tax Situation: Your tax situation will change after separation. The property and assets that you have under your individual name will determine the tax that you pay. The receiver of maintenance money is also liable to pay a certain tax. All these details can be known through a financial expert.
Assessing our future earning and spending capabilities is very important. Deepening on this we should ascertain the financial backup that we need or can provide to our spouse post divorce. Financial planning should be done as the first step to divorce. And seeking financial advice is of utmost importance. Although it sounds crude but if you want to get positive financial benefits from divorce please seek financial advice.
Lack of financial advice in divorce can make your separation even more painful in the future.
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