Preparing for the financial consequences of divorce

| Nov 30, 2017 | Firm News, High Asset Divorce

The above-cited “financial consequences” in today’s blog post headline can range from paltry to severe in any given case.

But here’s a point, as noted in a recent article discussing divorce and money considerations: a divorcing party can do much to prepare for them and minimize their potential downsides through some timely focus and planning prior to marital dissolution.

And a good start to get that going is this, adds that financial piece: “Consult with an attorney immediately.”

The reasons for that are obvious and many. And, in many cases, they have nothing to do with preparation for impending battle with a soon-to-be ex or an individual’s great concern regarding asset dissipation or a related fear.

Rather, timely consultation with a lawyer — a proven family law attorney with a deep well of experience in divorce-related financial matters — can simply promote a client’s education concerning divorce and money matters.

And where that is concerned, knowledge is truly power.

“[Y]ou need to know your rights and options,” counsels the aforementioned article.

That’s kind of intuitive, right? Divorce is unquestionably a big deal and a rare occurrence for most people, It can pay — both figuratively and literally — to understand in a material way everything that is important concerning marital property before — not after — a divorce decree is signed.

A meaningful understanding of finances encompasses knowledge concerning all the savings, credit, investment and other accounts that have opened during marriage. How much is in them? What is their current status? Have there been changes made to them recently that are notable, perhaps alarming?

And what about those credit reports? Scrutinizing them line by line can be an educative endeavor and potentially lead to steps that a reviewer needs to take for personal protection.

Of course, there are many other things that also need to be attended to, including the key task of fully identifying, valuing and locating all marital assets en route to their eventual distribution.

A seasoned divorce attorney can help with all those things and, additionally, make appropriate referrals when necessary.

Divorce is unquestionably an “event” in life. Conscientiously preparing for it from a financial perspective can help lessen its anxiety and promote a best-case outcome.

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