Divorce can have a long-lasting impact on a person’s financial health. Not do people find themselves as the sole income for their household, they may lose a significant portion of their retirement savings and assets in the process. Thankfully, people can take steps to protect their finances during their divorce.
1. Document your finances as comprehensively as possible.
Especially if you or your spouse was the primary manager of your household finances, one of you may have a better understanding of those finances than the other. However, your spouse may take advantage of any gaps in your knowledge. Documenting your finances allows you to have a more comprehensive understanding of your finances and fight for your fair share.
2. Consider your options before deciding to keep the house.
You have likely taken a lot of care in making your house a home. However, the decision to keep your home may require you to sacrifice a large portion of your savings or other valuable assets in the process. While keeping your home may offer comfort and a familiar space for your family, you may want to carefully consider the impact that it will have on property division today and your financial health in the future.
3. Reach out for guidance.
If your divorce involves complex financial questions, you may want to reach out to financial experts or an attorney with experience addressing complex assets in divorce. People with specialized skills may also be key to properly evaluating the worth of art collections and other valuable or unique assets. This experience and knowledge can help you build a strong legal strategy.