Going through a divorce is usually an emotionally traumatic experience, and the process is especially difficult for spouses in Indiana and around the country who left budgeting tasks and financial decisions to their husbands or wives. These spouses may find themselves at a disadvantage during property division and spousal support negotiations, which is why sound financial and legal advice from attorneys, accountants and financial planners can be crucial in these situations.
Determining assets
Accountants could check bank statements and other financial documents to make sure that all assets have been disclosed and nothing is being concealed, and retirement specialists may suggest how pensions, IRAs and 401(k) accounts can be divided fairly without incurring any tax penalties. When marital estates are complex, it may be prudent to retain the services of a Certified Divorce Financial Analyst. CDFAs are financial professionals who deal with the tax, asset distribution and retirement issues that come up during divorces.
Considerations for settlements
A divorce settlement should leave both of the spouses involved with enough to live comfortably. Spouses who have not played an active role in financial matters may wish to consult with a financial planner or CDFA before settlement negotiations begin. Experts could help spouses to anticipate expenses that they may not be expecting and develop post-divorce budgets. One expense that spouses often overlook when estimating their alimony requirements is medical coverage that was previously provided by their former husband or wife’s employer.
When you need help
Spouses who deferred financial decisions to their husbands or wives may be psychologically unprepared for adversarial negotiations or litigation. In these situations, experienced family law attorneys may suggest less confrontational approaches like mediation or collaborative divorce. Mediators are trained to reach amicable agreements by avoiding conflict and finding common ground, and they are sometimes able to produce results when a protracted lawsuit seemed inevitable.
