Finances and the even division of assets and liabilities is a major portion of a divorce settlement, so to be fully prepared, it is important that you assess your complete financial situation.
Something we see quite regularly is a family situation in which one spouse is the primary financial provider for the family. Usually, this person takes care of paying bills, making investment decisions, maintaining insurances, credit cards, bank accounts and paying taxes during the span of their marriage. Unfortunately, after divorce, the spouse who relied on their ex for financial support may be left in the dark about how to handle their monetary future on their own.
No matter how intimidating fiscal assessment may be, it is vital that all finances are accounted for, understood, and disclosed to the attorney prior to a divorce hearing. Take time to fully explore all of your financial history as well as your current standing with assets and debts of all forms. Listing out a full inventory of all investments and liabilities will help provide a basis for your attorney and financial consultant to best recommend future actions in the overall divorce strategy.
Here are some of the financial areas to be concerned about as you prepare your assessment
- Bank Accounts
- Real Estate
- Investment Accounts
- Life Insurance Policies
- Retirement Accounts
- Physical Securities
- Personal Property
- Secured Debts
- Unsecured Debts
It is extremely important to be completely honest in this process because if information is uncovered during a divorce trial that was not openly admitted, then you may be found in contempt and it could throw the entire settlement out the window. The court is interested in splitting assets and liabilities in a fair and even way, so be up front about everything from the start.
Sometimes it may be difficult to locate all of the information needed for a complete financial assessment, especially in the middle of a divorce. Consider hiring a professional financial consultant such as a certified personal accountant, forensics accountant or certified financial planner to provide the help you need to get everything in order.
Having a clear picture of where you stand in your finances can help you be better prepared throughout the entire divorce procedures, and will help secure a solid foundation on which to start a new life post-divorce. If you have any questions about how your finances are impacted during divorce, contact the experienced divorce attorneys at The Edmunds Law Firm. We are available at (800) 481-2526, or fill out the contact form for a free consultation.