If you are thinking of getting a divorce, you are probably already looking for an experienced family law attorney. The right attorney can help guide you through the legal rules and procedures that are inevitable parts of the divorce process.
However, a family law attorney is not the only professional you should consider seeking help from during a divorce, especially if your financial situation is defined by any degree of complexity.
Emotion and Finances
During a divorce, emotions always run high. If you are a parent, your main focus may be preserving your family and ensuring a quality parenting plan that best serves the needs of your children. However, addressing the financial components of a complex divorce is an important priority of the divorce process as well
First, there is the property settlement. The property settlement divides the assets and debts you and your spouse currently share. Because the property settlement or division of marital assets is usually not subject to modification once it is finalized, it is essential to get it right the first time.
In addition to the property settlement, there are a number of financial considerations that a financial advisor may be able to help you sort though. From the valuation of the marital home to questions about pensions and retirement plans, a financial advisor can help you with your questions.
Don’t Forget Your Debts
While dividing assets is clearly important, reviewing all debts accrued during the marriage is also essential. Loans, like mortgages and credit cards, are controlled by the terms of the contract that you and your spouse signed at the time the loan was taken out. Unfortunately, lenders are not bound by the terms of your divorce contract, and they expect payments to be made every month as usual.
This means that if your spouse receives the home in the divorce and he or she stops making mortgage payments, the mortgage lender can contact you to collect the missing payments.
Divorce is a very complex process. You want to be certain you have all the necessary professional assistance to guide you through the complexities. Divorce attorneys, financial advisors and other special experts can help you avoid any costly financial mistakes when drawing up your divorce settlement.