So you and your spouse decide that it is time for the two of you to divorce. This is a big step to take, and there will be a lot on your mind in the coming weeks and months. You’ll go through a lot personally, mentally, and emotionally, and though it will certainly be a difficult time, you can come out the other side with a fresh perspective on life and a means to write a new chapter in the book that is your life.
But amid all of this confusion, upheaval, and personal discovery, there are some very serious matters that you have to tend to. The financial side of your divorce will certainly be one of these matters, and it very well may be the most important of these matters.
People often overlook assets or certain finances in divorce. Whether this is because they didn’t have a hand in dealing with the family’s financial picture or not is irrelevant because any spouse can learn of the assets that their family is attached to when a divorce is on the table. It is simply important to research the subject and have a grasp on what’s going on.
One asset that will be vitally important, if you have one together, is the home. Obviously this is a critical asset, but it’s important in a different way: the costs and taxes associated with a home may actually make it more of a detriment than a benefit. Carefully consider your financial situation before deciding to go all in on your home.
Source: Yahoo!, “Divorce and money: Six costly mistakes,” Wall Street Journal, Veronica Dagher, May 18, 2015