How to minimize the financial impact of divorce

April 30, 2013 (Press-News.org) Most people that end up getting a divorce see signs that their marriages may be in trouble. Minor disagreements may start turning into major arguments. The couple may be spending less time together. Perhaps one of the spouses may have recently lost a job, leading to financial problems that place more strain upon an already troubled marriage.

Some marriages are able to withstand these challenges, and the spouses emerge from these troubled times even more committed to one another. For those unable to make a relationship work, they may feel that a divorce will be the only way to resolve the difficulties they are having with their spouse.

When a couple is going through the divorce process, they may not have any idea about the extent of the changes that they will soon be experiencing. As part of the divorce, if the couple had children, they will need to determine a child custody agreement that allows each parent to continue to be a major part of the child's life. This can be extremely difficult for both parties to agree to, and may even require the court to make a determination that is in the child's best interests.

The other major area that will need to be addressed concerns the division of property that the couple has accumulated during the marriage. In some divorces, there will often be disputes over how the property should be divided.

An individual considering filing for divorce should be sure to take extremely accurate and detailed records of finances prior to filing. Once one spouse files, the other may try to hide or conceal assets to remove the property from the divorce proceeding. If the couple owns a business or other high-value investments, it will be crucial to have these assets examined by financial professionals to get an accurate determination of what they are worth.

The division of property can result in spouses seeing savings and retirement accounts severely reduced, but the couple may have other financial concerns that will need to be addressed. In many marriages, both spouses have jobs that allow them to contribute to the family's budget. After divorce, these individuals will only have one income to work with, which can cause significant financial hardships if the individuals do not properly plan for the future.

If you are considering a divorce, take the time to speak to a family law attorney in your area to understand how best to proceed. While no one wants to go through a divorce, going through the process without planning could make things much more challenging for you and your family.

Article provided by Richard T. Bell & Associates, P.C.
Visit us at www.rtbell-law.com