Money matters when it comes to divorce

On behalf of Barli & Associates LLC posted in divorce on Friday, February 16, 2018.

Money always matters, but when it comes to going through the divorce process, you may encounter financial issues that you’ve never thought of before. Especially if you were not the one who managed the bills and financial accounts during your marriage, you will want to make sure you have a firm grip on financial concerns throughout your divorce proceedings. The following advice could prove valuable in this regard:

Take an inventory of your assets

List out all of the things in your home with regard to personal possessions. Expand the list to include bank accounts, financial accounts, real estate, vehicles and other possessions. The more complete you make this list, the better you’ll be able to fairly divide all of the assets in your estate. Don’t concern yourself at this point about individual property versus marital property. Just try to determine what you own.

Don’t use any financial “tricks”

You might think you can rack up credit card debt before you file for divorce – and that you’ll only be responsible to pay for half of this debt after assets are divided – but that would be a mistake. The court will review your financial dealings during the time prior to your divorce. If it appears like you tried to take advantage of the fact you would be divorcing – or if it looks like you were trying to hide money or assets – the court will probably favor your spouse during asset division and you could lose a lot of money as a result.

Divorce and asset division can be a complicated process. However, when you understand divorce and family law, you will have a better opportunity to protect your marital property rights and maintain your financial security throughout your divorce proceedings.

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