Thinking Through Some Financial Aspects of Divorce

If you were living fairly comfortably during your marriage, you may be in for a rude awakening after your divorce.  That’s because, as we all know, there’s a property split that accompanies any marital split.  Now, more than ever, it would benefit you to have an experienced divorce attorney working on your behalf to ensure you get the best financial deal possible.

Don’t Take your Assets at Face Value 

You may not have ever thought about this—but all assets are not created equally.  In other words, $10,000 in your savings account is not equivalent to $10,000 in home equity.  That’s because at some point—should you choose to sell the home—you’ll be paying taxes on that equity.  The same is true for most retirement accounts and pension plans; Uncle Sam will eventually want his share. So more forward carefully when considering which assets you want to hang on to.

Should you Fight for the Family Home? 

It’s important that you let your brain do the thinking, not your heart.  You may be attached to your home, especially if you’ve raised a family there or have kids currently attending the neighborhood schools.  But can you afford to stay there with a single income?  Would you have better footing post-divorce if you had a lump sum of cash that you could use to start up your new life?  Having an unbiased attorney to discuss these issues can help produce balanced and productive outcomes.

Plan for the Future 

When it comes to the kids, people often neglect to plan for expenses that will be coming down the road.  Will the non-custodial parent be contributing to these expenses?  They can be relatively small—gymnastics lessons or the school lacrosse team—or somewhat moderate—like orthodontics and glasses.  Ultimately the real wallet-sapping expenses arrive—like trade school, college, weddings, and the like.  These are the kinds of things you’ll want to consider including in your final agreement.

What about Alimony? 

Did you support your spouse working in the local diner while they got a degree and built a career?  Perhaps you stayed home to raise the kids and create a warm home for the family, allowing your spouse to advance a career?  Are you considering going back to work now, but have been out of the rat race for so long that you wouldn’t even know how to get started?  Do you have marketable skills and knowledge, or do you need training?  All of the issues could impact your ability to collect alimony.

You Need a Legal Advocate 

Divorce can be complicated.  It’s in your best interest to have a Boca Raton divorce attorney committed to the best possible outcomes for you.  At WiseLieberman you can count on exactly that.  Schedule a confidential consultation in our office today.