Finances and What Happens During a Divorce

When a couple goes through a divorce it is difficult for both and can be even more so when deciding the changes in financial status that occurs. Many have a divorce financial planner whois able to help you tackle these difficulties of a divorce including re-budgeting on only one income as well as rearranging any savings and investments.

Finances after divorce

The financial results of a divorce can be extremely distressing. But when there is planning that is proper as well as expert help from a professional trained as a divorce financial planner, your chances of having a settlement that fully takes care of any long-term financial needs as well as your spouse’s is possible.

Certified

You should use a Certified Divorce Planner so that both partners have a better view of their finances in the future. This can often be the only way you can arrive at a settlement that addresses fully the financial capabilities and needs of each. During a divorce, errors of omission and commission are made easily. A divorce settlement is a business negotiation where both types of errors can have consequences long-term.

Mediator

When couples can be civil, a mediator in most cases can save thousands of dollars in legal fees as well as emotional distress. This mediator will meet with the couple who are divorcing and help them develop an accord that will become the settlement for their divorce.

Divorce financial planner

A tax account or a divorce financial planner may often reduce the total amount of taxes that a spouse pays while separation and after the divorce. The wife, who usually is non-working or lower earning, goes into any divorce at a real disadvantage due to the husband who often makes the most money and has a long work history. Many individuals who have never lived on any budget before the divorce will need to learn budgeting.