Being aware of financial matters important in a divorce

Posted by Lauren S. CohenJun 23, 20140 Comments

There are many different financial issues and information that it can be important to look into when in a divorce.

One is the earning levels of you and your estranged spouse. Having accurate information regarding income can be a big help in coming to fair arrangements regarding things like child support and spousal support.

Another is martial assets. Obtaining accurate information regarding what property is in the marital estate and what such property's real-world value is can be very important for a divorcing individual. Such information can be of great service when in negotiations regarding property division. An important thing to note is that knowing what a piece of property's real-world value is includes not only knowing its book value, but also knowing things like what tax obligations it carries with it and what its liquidity (ease of selling) is.

Another financial issue to keep in mind is insurance. Things it can be important to look into in a divorce when it comes to insurance include: what sorts of changes need to be made to your policies in light of the divorce, is there any insurance coverage you had during the marriage that you will no longer have after the divorce and who will be responsible for providing insurance coverage for the kids. Surprise is the last thing you want to experience when it comes to insurance coverage, so making sure you are aware of what the insurance situation will be post-divorce can be vital.

Yet another financial issue to keep an eye on in a divorce is debt. Being aware of what debt a marital estate has incurred, reaching fair arrangements regarding how such debt will be divided and being knowledgeable of what responsibilities, obligations and potential liabilities you have regarding the debt can all be of extreme importance in a divorce.

Given the many financial matters divorce can involve and the fact that each of these matters can have major impacts, one can understand how a person could feel somewhat daunted regarding financial issues in a divorce. Thankfully, these sorts of divorce-related issues are not something that a person has to sort out alone. You can seek out help. Family law attorneys are one of the types of professionals that can provide individuals with assistance when it comes to the various important financial matters in a divorce.

Source: The Courier of Montgomery County, “Financial items to consider during a divorce,” June 21, 2014