Divorce impacts all aspects of your life, including your investments. The divorce process is emotional -- and understandably so. However, when it comes to protecting your financial goals, it is best to put aside your emotions and look at things with a level head to ensure you are getting your fair share during divorce negotiations.
Your financial goals will likely change after the divorce. It is important to understand how your investments and other financial accounts will be affected so you can plan accordingly. Working with your attorney and other professionals, such as a financial adviser, can help you explore all options and create a plan.
Every divorce case is unique. Your specific situation will need to be carefully evaluated. However, below are some general guidelines to consider during your divorce to make things go as smoothly as possible when it comes to your finances:
- Be civil. This is easier said than done but can make a huge difference during negotiations. Try to stay calm and review things with your team before making any decisions.
- Consider selling additional properties and splitting the profit. This can reduce emotional heartache and fighting between spouses as well as your adult children in the event one of them is left this property in the future.
- Put assets in your name. This will make dividing assets much easier and help you get your fair share.
- Review your tax returns to determine what investments and other sources of income will need to be divided.
Taking these steps before divorce negotiations can make all the difference in your settlement. It is also important to work with an attorney who can make sure your specific needs and concerns are addressed.
Source: US News, "How to Handle Investments When You Divorce," Lou Carlozo, Nov. 16. 2015