When the decision to get a divorce is made, it can often be a time of high emotion for everyone involved. This sometimes means that there is a rush to act without taking the time to consider the available options. This strategy can be particularly detrimental when considering financial choices.
Fortunately, experts have advice for those who have questions about handling finances during the divorce process.
Get the lay of the land
The first piece of advice is helpful particularly for those individuals who may not have been as involved in the financial decisions as their spouse. It’s important to gain a good understanding of the current state of the marital finances. This includes both day-to-day expenses as well as longer-term options, such as retirement accounts. Spouses may find it difficult to communicate about finances, but not doing so doesn’t make potential problems – such as debt – go away. Honesty is typically the best policy for both spouses.
Put it in writing
Depending on the status of a particular relationship, getting a prenuptial or postnuptial agreement may be a good idea. Either of these documents can specify exactly how assets and debts should be split in the event of a divorce. A postnup can be particularly useful if one spouse has a change in their financial circumstances after getting married – such as taking out a student loan or acquiring a business.
Divorce can be a tricky process, but there are ways to make it easier on all parties involved. Consulting a family law attorney to help negotiate a divorce agreement can help you and your spouse explore available options. It could be the best decision in the pursuit of a happy future for everyone.