What financial considerations does a divorce bring?

On Behalf of | May 11, 2021 | Blog, Divorce, Family Law

Divorce leads many to make careful considerations, especially ones related to finances. A divorce settlement in Washington frequently involves a division of assets and, possibly, decisions regarding spousal and child support. The aftermath may come with new financial concerns. Therefore, divorcing spouses may benefit from thinking through several economic issues.

The basics of financial strategies

Asking for help could be beneficial, but what source do you ask? Taking advice from trusted sources might prove advisable. An attorney, financial advisor, accountant, or another professional may assist clients with their questions. Listening to a friend or relative might be worthwhile, but divorcing spouses should realize nonprofessionals may not always provide the best insights. A well-meaning person who doesn’t know the law could give troubling advice.

Getting a budget under control and planning for the future might be necessary. After divorce proceedings, a newly single spouse may discover monthly expenditures are higher than anticipated. Even spousal and child support might not cover all expenses. So, planning an appropriate budget could help. Cutting back on unnecessary spending may prove unavoidable, at least at first.

Not everyone may even have a clear picture of their financial situation. A review of both single and joint accounts seems vital. A definitive view of both party’s financial situation may help during divorce settlement negotiations and beyond.

Going through settlement negotiations

During negotiations, one spouse may prove unwilling to provide an equitable settlement. The other spouse might need to brace him or herself for such resistance. Hopefully, a family law attorney could direct the events to a preferred outcome in the negotiations or court.

Collecting and presenting accurate financial documents may help the cause. Presentations of expenditures, debts, income and savings accounts might support arguments.

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