Divorce is a very complicated aspect of life that many people go through. Dividing marital property and finances is going to be a major part of the process. The following are some helpful tips when settling the financial part of a divorce:
If you are in a relationship that one person is in charge of finances, it is crucial that both people at least know the basic aspect of how your money is handled. If one spouse has sole access to all of the financial information, including banking and login in information for financial accounts, it can be unfair for the other spouse when it is time to settle finances. Make sure that both people have access to financial records, account numbers, and any retirement or IRA account information. Also make sure that both know about all liquid assets and the balance of all accounts.
Divorce is a very emotional time, so it can be easy to get over any attachment you have to physical items. Many of the things you obtained through the marriage are going to have some type of emotional attachment to them. However, it is important to avoid spending hours of fighting over these items and only focus on the memories made with them. Doing so will avoid any emotional drain and infighting over items, causing the settlement process to slow down.
The family home is one big-ticket emotional item that will be hard to let go for both spouses, especially if it was the first home together. Be practical in your thinking if you are the one wanting to keep the house. Can you afford it on your own? Will you need to rely on spousal support to maintain it? How hard are you willing to fight for it if the other spouse wants it too? These are all important things to think about if you plan to go for the house in your settlement. Keeping the emotion out of it and focusing on
Going through a divorce is going to be hard. There is no way to get around all of the financial settling unless the two of you have kept very accurate records of who paid for what. It may also be easier if you never combined your financial accounts. Keep in mind, however, if you live in a community property state, both spouses can go for the other's property despite who paid for it initially. Always work closely with your attorney when you are going through the settlement process to ensure you both get treated fairly.