Going through a divorce can be overwhelming and is considered one of the more traumatic life events that you unfortunately are going through. You may be experiencing a wide variety of emotions like feeling anxious, insecure, angry, sad, frightened, and hurt. A natural instinct when you’re feeling so many negative emotions is to try to rush through the process or to shut down and not make the decisions that need to be made. Operating with either of these mindsets can lead to less-than-desired decisions with the potential for serious negative financial outcomes now and into the future. You do not want to make decisions that you will later look back on and regret. You should be asking yourself some of these questions:
What will my financial situation look like after the divorce?
What is a property settlement and how do I go about putting one together?
What is alimony and will I be required to pay it or am I entitled to receive it?
Will I be entitled to the tax deductions related to my dependents?
How does child support get determined?
How do you split retirement assets?
What impact will the divorce have on my credit?
What impact will the divorce have on my taxes?
If you are asking yourself these questions, you are on the right track. The creation of the guide and website was undertaken because of the resources dealing specifically with the financial aspects of a divorce are lacking and are usually not explained or understood by the individuals that are going through this trying time. Through a number of personal experiences and in advising many individuals through the divorce process, it was recognized that the typical family law attorney is not well versed in the complex financial aspects that are a part of today’s divorce proceedings. I realized that there was a need for a comprehensive guide to help educate and empower individuals in divorce financial matters. I have talked with coworkers, friends and family members that have made costly financial mistakes during their divorces that they later regretted. For someone going through the traumatic experience of divorce, it is especially tragic to make financial mistakes that will impact his or her life for many years.
Are you the primary caretaker of the financial obligations for the family? Are you the one who is in charge of paying the bills, setting up the investment accounts, making investment decisions (stocks, bonds, real estate, mutual funds, etc.), buying and maintaining insurances (health, life, disability, long-term care), managing the credit cards, and filing taxes during your marriage? If you haven’t been, we understand that that they can be daunting to you and can cause a considerable amount of stress when dealing with these issues for the first time. In The Financial Divorce guide, we provide a detailed checklist to help you gather the necessary financial information that will be needed to put together a property division settlement (which splits your assets and your liabilities) and in developing a comprehensive financial plan for after the divorce.
If you have been hurt by your spouse (for a variety of reasons), you may be feeling that you’re going to exact your revenge through the divorce process and take him/her to the cleaners. Fortunately or unfortunately (depending on what side you are on!), the divorce process is not setup to assign blame and punish the offending spouse. Most states are considered “no fault” states, in which blame will not be the primary factor considered in splitting marital assets. Don’t spend your precious money, time, and emotions thinking that you are going to get everything. The process is setup to equalize and split your marital assets as prescribed by your state law. The courts will consider certain factors that your attorney can advise you on, but the majority of cases will not be handled like cases you may have read about from the Hollywood tabloids. This guide was developed to help you understand the financial decisions that need to be made and to minimize the emotional decisions that can cause so much wasted time and resources.
If you are looking to save a significant amount of money now and for many years to come, you will need to put together an appropriate strategy that fits your situation and needs. Don’t wait or settle your divorce proceedings without understanding the many financial aspects that are part of the divorce process. Knowledge is Power… By downloading the guide, you will be presented with information and strategies in the following areas:
