Facing an impending divorce can raise multiple concerns for both parties, especially when special circumstances arise that can further complicate the process. Arguments over parenting time or the inability to agree on other crucial issues, such as property division and alimony, are just a few examples of problems that often surface between a divorcing couple. Financial matters, in particular, are a major landmine for many separating spouses, as months or years of shared investments, purchases, and accounts have accumulated and must now be divided. Monetary concerns do not necessarily have to increase the tension between you and your spouse, however. Preparation is key to sorting out financial decisions during your divorce.
Creating a Foundation for Financial Negotiations
Even if you have not had the time to take stock of your finances before pursuing a divorce, there are still plenty of steps you can take that can provide a clearer picture of what you are working with, what your challenges will be moving forward, and how you can stay organized throughout the divorce process. The following tips can help tackle monetary issues that may be associated with your divorce:
Create a financial snapshot - The most vital part of addressing finances in a divorce is taking stock of what you are working with in terms of accounts, debts, and investments. Create a list of every account you have - both joint and separate - and total up your assets and debts. Do not forget to include any insurance policies you share, as well as real estate deeds, wills, or trusts. Initially, it may be overwhelming to take a hard look at the bulk of the financial obligations and investments you and your spouse share, but once you have taken inventory, you will have a starting point to work from....