Financial Fairness in Divorce: What You Need to Know
No matter where you are in the process of divorce, getting a handle on various financial scenarios is critical to your peace of mind. While financial problems can tear a marriage apart, understanding your financial situation today will improve your prosperity tomorrow.
Living in an uncertain world and moving on with a degree of financial security is a huge challenge facing many couples today who are considering divorce. Economic conditions have forced some to refocus on their marriages while others have decided to move on with their lives. No matter where you are in the process of divorce, getting a handle on various financial scenarios is critical to your peace of mind. While financial problems can tear a marriage apart, understanding your financial situation today will improve your prosperity tomorrow. The primary cause of divorce often is because couples are not on the same page financially. It's time to ask some questions. What do you need to know now? Four categories will determine your settlements: Assets, liabilities, income, and expenses. Take charge and get the answers you need to make decisions that can make all the difference. Some of the critical questions include:
- What is my property value and who places the value on it?
- Does property get split equally, and, if not, who gets what property?
- What tax liability will I have?
- How do we divide retirement funds and future pensions?
- How will the lower-earning spouse survive financially?
- Who gets custody of the children?
- Who will pay for the children's medical needs?
- How much child support should be paid?
- How much spousal support should be paid (if any)?
- What happens if a paying ex-spouse dies?
Jamie Cooke, CLU, ChFC, CDFA™ is a Nevada financial coach and Certified Divorce Financial Analyst®.