Hartley Law Office, LLC

Hartley Law Office, LLC

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Managing cash settlements and property division

At the end of a marriage, many Dayton spouses will find themselves primarily concerned with splitting up property obtained during the marriage. There are oftentimes tangible items with sentimental value that will naturally be one focus of property division during the divorce process.

However, simply dividing these assets will still commonly leave one partner at a financial disadvantage. A divorce settlement in such a case may also include a cash settlement for that spouse. This kind of lump sum can prove to be an important safety net in the short-term after a divorce is complete. It can be used by the recipient spouse to cover bills and other living expenses while that person re-establishes him or herself independently.

This is all well and good, but a significant lump sum paid out as part of a property division settlement does need to eventually serve another purpose. It will need to be invested and provide a return that can support the former spouse's lifestyle and help grow his or her assets. Simply letting it sit in a savings account will rarely if ever earn enough interest to cover one's expenses, but investing impulsively and cashing out whenever the market takes a dip is also something a person will want to avoid.

Starting over after a divorce is almost always going to involve a period of re-learning about the reality of one's finances. A legal professional can help ensure that property division is fair, possibly including a cash settlement. He or she may also help a divorcing spouse coordinate with a financial advisor experienced in managing post-divorce investments when it is appropriate.

Source: Forbes, "Divorce: Investing Your Financial Settlement," Rob Clarfeld, Feb. 21, 2018

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