Financial measures that are needed during divorce

Pulaski County, Arkansas residents going through a divorce may agree that the financial aspects of a divorce settlement or judgment, including property division, alimony, and/or child support, can be grounds for a bitter contest. This is especially true for high-asset divorces, which often lead to a greater debate between the divorcing couple.

Where a divorce involves children, the financial resolution can be vital since the children’s needs can be extensive. When it comes to child support, the amount that a custodial parent receives to raise the children is often contingent on the non-custodial parent’s earning ability, which means it could be a significant sum.

One of the first things that couples heading for a divorce usually do is consult a divorce attorney. While it is noble for couples to think that they can keep a divorce private and try to work out the various stipulations themselves, this kind of thinking is naïve and, more often than not, backfires. Divorce is a complicated legal procedure that is often muddled with emotions, which sometimes leads to cloudy decision-making. An impartial, knowledgeable third-party is often the key to a smooth and quick divorce.

Therefore, involving attorneys and professional divorce financial consultants can become very important, especially in cases involving high assets, where one spouse may believe that the other is trying to hide assets and wealth to avoid sharing.

Getting financial documents another important aspect influencing the financial outcome of a divorce. Organizing and documenting income and expenses can help a couple obtain a realistic picture of each spouse’s finances, which may assist the estranged spouses in finding a fair resolution. Yet, even once a settlement agreement is reached, a judge may examine the various financial documents provided and note items, such as tax credits, federal benefits, or even credit reports and joint accounts to ascertain if the agreement is fair. Therefore, those going through divorce should ensure that their legal arguments protect their rights and work to ensure their financial future.

Source: U.S. News & World Report, “7 financial steps to take when getting a divorce,” Maryalene LaPonsie, Aug. 7, 2015