Availing Professional Separation Financial Advice for Divorce

Separation or divorce is a very upsetting and stressful time. It not only negatively effects on your mind but also impacts your wealth, therefore you have to prepare for it in advance.  During the divorce, you have to face many decisions which may affect you financially. You can handle these situations on your own but in some cases you may need help of professional separation financial advisors.

You can take the help of divorce lawyer who can give you right separation financial advice and settle down your divorce financial issues in your favor. The lawyer not only provides financial advice but will also help you in completing your financial exchanges, access correct valuation of assets, etc. to make a fair settlement for both the parties.

Financial mistakes that you should avoid during divorce

• Don’t ignore your expenses

You know how much you earn monthly but you can’t explain where it goes and in what expenses.  Therefore it is good to note down all your expenses and develop realistic monthly budget. You should not underestimate your future requirements otherwise it will directly affect your quality of life.
 

• Stay comfortably

It is really an emotional and sensitive time and difficult to manage especially when children are involved.  In this situation it is better to stay at the place where you feel comfortable instead of taking the decision of moving or leaving the city. You should take right decision that is beneficial for your finances.  

• Equal division of property

Get valuation of your assets done.  For example, assets generating rental property or bonds may be worth more than their market price. Therefore you have to be attentive and agree that each spouse will get equal share of assets. While comparing assets for divorce negotiation, pay attention on other facts like present value, transaction cost and taxes.

• Understand the liability for unsecured debt

Unsecured debt includes credit card and debit card payments etc. If your debt was occurred during marriage then its liability is shared by both of the spouses. It doesn’t matter which spouse is using it. Don’t assume that credit card companies will not follow you; they will come to both of you for payments. Therefore it is good to settle down all your debts before the divorce becomes final.  

• Have no unrealistic expectations about investment returns

If you are not aware of the valuation of assets or facing issues in divorce finance matters then seek separation financial advice from some expert.  

Avoid committing the mistake that will harm your financial status and take the help of professional advisor or lawyer to resolve your divorce financial matters.