When you find yourself getting a divorce, your whole world can feel like it is spinning out of control emotionally and financially.
And more often than not, the financial aspect of marital separation can quickly turn into a nightmare.
But, when you work with a neutral financial mediator, they can help you and your spouse determine the best path forward that is agreeable to both of you without going through a costly litigated court divorce.
When we meet with our clients for the first time, clients often ask us how they can best manage their finances as they progress through the divorce process. So, here are a few insights we share with them:
- Determine all income streams, both shared and individual
- Account for all debts and reoccurring expenses
- Calculate your retirement income opportunities
- Steer clear of family and friends for financial advice
- Before starting or speaking about getting divorced, prepare all financial documents
- Find ways to reduce your spending while you are working through your marital dissolution
- Delay large purchases until all agreements have been finalized
- Begin to track all income and expenses every month; it will help when dividing debts and assets – make sure to include everything
When we can articulate financial needs, concerns, and objectives, we can help our clients identify accurate values for their assets, debts, income streams and expenses.
Divorce is a time of change and emotional struggle. At Peace Talks, our team of experts strives to help individuals and couples face complex financial challenges objectively, examine various scenarios thoroughly, and reach agreements that consider the best interests of the entire family.
Whether you are getting divorced, planning your estate or negotiating a premarital agreement, our team of experienced, skilled divorce mediators and family law mediators will create practical solutions to difficult financial situations.
Contact us today to see how we can help you manage your finances effectively during your divorce process.
Note: This information is general in nature and should not be construed as legal/financial/tax advice. You should work with your attorney, financial, or tax professional to determine what will work best for your situation.