The list of things to try to plan for when separating from one’s spouse may seem endless. Finances, in particular, will likely be a major element of any divorce and one that affects many other aspects in turn. Fortunately, there are a few key steps that Dayton residents can take to help ensure that their rights are not neglected during the process.
The first is to find a financial planner with whom one feels at ease discussing money frankly and in detail. This is particularly true for spouses who let their partners handle most or all of the budgeting, bills and other financial aspects of the marriage. A financial expert will have an important role to play alongside a legal professional and any other divorce team members.
Second, avoid any rash decisions regarding property division. No matter how much one wishes the divorce process could just wrap up overnight and let partners move on, hasty judgments regarding matters like ownership of a home, cash in bank accounts and other assets cannot be undone and may have long-term consequences. Some couples may even reach an agreement to share ownership of a home until it sells and the cash can be divided more easily.
Divorcees are advised to create a new individual plan for investments after the separation is final. Any mistakes from the past can be used to help inform the plan for the future. Finally, try to expect the unexpected, financially speaking, for the first year or so after a divorce. Keeping cash on hand for emergencies and avoiding large purchases can help cover sudden expenses during a time of relative financial uncertainty.
Of course, it’s always possible to feel like one is making well-informed decisions and acting prudently, but without truly understanding the big picture. A family law professional is always ready to discuss decisions surrounding the divorce, whether related to financial planning or otherwise, and help clients move forward on solid footing.
Source: Forbes, “How To Handle Financial Planning During A Divorce: 4 Steps To Protect Yourself,” Joel Johnson, Dec. 8, 2017