Don’t let divorce ruin you financially.
Divorce can have an incredible impact on your life. One of the biggest impacts might be financial. There are some common financial mistakes that couples make. Depending on your level of expertise think about the following:
- Don’t assume that an equal division is a fair division of property. When dividing property remember pay attention to not only present value but also the asset’s ability to generate income. This would include rental properties or other businesses.
- Don’t miss the interaction of taxes, capital gains and investment losses by looking at each asset or source of income separately. You need to look at a comprehensive picture of all your finances. Each financial decision may affect another decision.
- Understand that you may be reliable for credit card debt. This is normally a shared liability no matter which one of you used the credit card.
- Make sure you understand what part of the pension plan you are entitled to.
- Look to the long-term financial security of you and your children. Don’t get short-sighted by only looking at the immediate task of splitting assets and getting child support without considering what will happen two decades hence.
- Don’t underestimate your present expenses. Take the time to write down all of your expenses.
- Just because the children spend the most time with one parent, does not necessarily mean you can afford or want to keep the family home.
Lambert Law will help you through each and every one of these phases. Call us today.360 737-1473. We care about how you are dealing with the changes today, and we want to make sure the future is secure.
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