Divorce can be an emotionally and financially trying process that may require the mediation of an experienced divorce attorney. However, there are certain measures that a couple can take to alleviate the financial stress and hardship prior to filing for divorce.
Bill Brown, a certified public accountant commented, “I know this is a highly emotional process, but if you go into the process with integrity, you may come out feeling a lot better.”
According to Brown who has witnessed the financial burden of divorce on many parting couples, “One of the first things people should do is make a list of assets and liabilities. Review that list, and then see an attorney.”
Being aware of your financial standing and personal assets which are separate from your spouse will help the transition of joint fiscal responsibilities to independent finances be less daunting. A mediator or attorney can help you organize your finances and plan how to manage your income and assets living as a single person.
You may also wish to speak with a tax advisor, says Brown. “That person should be able to give you some financial direction, but you’ve got to put all of your cards on the table for this to really work and be beneficial,” he adds. The tax implications that may result from a divorce are substantial and having the assistance of a tax advisor and attorney may be beneficial to your financial wellbeing.
Lastly, if you own property with your spouse, deciding who keeps it may elicit a sticky situation. “I advise couples sell the home while they are still married. There are direct financial advantages by doing that,” explains Brown.
It is important to try and handle the process of divorce as civilly as possible for the sake of your family’s emotional and financial wellbeing. However, divorce is an inherently difficult process and complications may likely arise. Contact an experienced divorce attorney to alleviate the extra pressures and hardships of the process of divorce.