The things one may worry about when it comes to divorce can seem endless: property division, spousal support, child custody, just to name a few. However, one thing more divorcing couples should be focused on but often goes over looked is planning for their financial future.
According to Dee Lee, a Certified Financial Planner from Boston, any individual who is contemplating divorce but who did not handle the financial aspects of the marriage should strongly consider getting a crash course education in personal finance. More specifically, Ms. Lee suggests every individual should have a complete understanding of their financial holdings, including, but not limited to, real property, liquid accounts, retirement accounts and assets brought into the marriage, as well as who actually has ownership of said assets and where said assets are located. Additionally, it is important to know your family’s collective income and monthly expenses.
Ms. Lee also notes that because divorce often involves parties who are bitter and angry, settling financial matters can become very contentious. That is why she suggests that both parties individually employ a divorce attorney who handles cases in family law, in lieu of an attorney without a specific area of practice.
Working together with your spouse to make smart financial decisions is often easier said than done and this can prove even more difficult when you are engaged in the divorce process. Moreover, if you and your spouse do not take the time to properly plan for your new single lives, you both could end up in serious financial trouble that may be impossible to overcome. That is why it is imperative that you seek the help of an experienced Michigan divorce lawyer before making any decisions on your own. Please contact the Law Offices of Iafrate & Salassa P.C for help with your divorce at 586-263-1600, or click here.