All couples — even those that are not planning on divorcing — should prepare their assets and investments in a way that they can be fairly divided. If, however, you did not manage your finances and are planning on divorce, know that you are not alone. Many couples miss this important aspect of financial planning. The following tips should help you through the process.
Keep Matters as Civil as Possible
When you are in the midst of a divorce, emotions can be high. Unfortunately, the anger and resentment you may be harboring can create a lengthy, bitter, and rather expensive feud. Avoid this common pitfall through deliberate action; know when to walk away from arguments and resist the urge to say things you might regret later. You might even want to consider using a special word that will end all discussions, should things get out of hand.
Avoid the Temptation to Keep Assets for Children
While you may want to lean toward keeping a house or specific material assets for children, often the best approach is to go ahead and sell it and then distribute the proceeds to the children. This will deter you and your soon-to-be-ex-spouse from holding arguments over who will hold onto the asset until children become of age. It can also prevent potential feuds between siblings.
Often, one spouse or the other will be in the dark regarding finances, assets, taxes, and investments. This can often result in being blindsided, either through tax issues or because of a dishonest spouse. Avoid this by educating yourself on what your mutual and personal assets are. Study previous years’ taxes and familiarize yourself with which investments are listed with whom. And take the time to understand the tax laws and how they may apply to you and your soon-to-be-ex.
Do Not Divide Assets Alone
While a division of assets may seem like a simple process, it really is not. There may be an uneven distribution of assets, or difficult to divide assets. If you add in the stress and anger and resentment, you are at a high risk for financial problems after the divorce. A qualified divorce attorney can help.
At Mulyk Laho Law, LLC, we are dedicated to helping our clients achieve the best possible outcome. Regarded for our aggressive but judicious advocacy, we can help you work through the divorce process and attempt ensure assets are divided fairly. Learn more by contacting our experienced DuPage County divorce attorneys for a free initial consultation. Call us at 630-852-1100.