The Financial Aspects and Considerations of Divorce

financial aspectsWhether they are amicable or not, divorces are always messy. This is because disentangling the couple's combined financial and property interests rarely is easy. Who gets the house? Do you get to keep your 401(k)? How much is all of this going to cost?

Most of these financial aspects are not easy to settle. You and your soon-to-be-ex may have very different ideas about what the answers should be, but you probably do not agree on what those answers are yet.

In fact, you're probably concerned that divorce will ruin your family's financial future. The good news is that no one's financial future will be irrevocably ruined because of a divorce. Still, that doesn't mean that the road ahead will be easy.

Perhaps the first question to answer is: Do I need a lawyer? While some people think that having a lawyer is mandatory, that's not actually the case. Many divorce settlements are negotiated via mediation, and the two parties don't necessarily need to have their own legal counsel, although that is an option.

In fact, the less that you and your former partner rely on a lawyer, the less your divorce is likely to cost. It's also likely to go much more quickly because you probably won't have many court dates.

Another hot-button issue is who gets the marital home. If kids are involved, then it may make sense to let one spouse stay in the family home with them while the other makes alternative arrangements. In other instances, it may make sense to sell the house and split the proceeds. A myriad of other options are possible, and it may be best to explore these through mediation.

You'll also have to think about what happens to the household furnishings and other items that are jointly owned. Is there a way that you can divide them up reasonably and amicably?

Finally, examine any loans, credit cards or other debts that you own as a couple, or were acquired during the marriage. Who will be responsible for paying for what? Once again, many options are possible. With mediation, you can pick what works for you.

Are you considering divorce but worried about how the financial aspects may affect you and your family? If so, then get the facts by calling the Sabra Law Group at (646) 472-7971. With their assistance, you'll discover that divorce can be a smart and economical choice.






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