There are many important considerations you must make before going through a divorce. Not only is this a complex and emotional time, but there are many financial implications during this process. If you’re going through a divorce, the following blog explores the most important financial considerations you must make regarding your property, funds, and accounts. You’ll also discover how Los Angeles high net worth divorce attorneys can help you protect your hard-earned assets.
What Important Financial Considerations Should I Make Before a Divorce?
When going through a divorce, one of the most important considerations to make surrounds the circumstances if one spouse is the primary earner of the home. If this is you, you must consider your finances after alimony payments are made to your spouse, assuming they request spousal support. Similarly, if you have children who will primarily reside with your spouse, you’ll need to factor in child support payments.
Additionally, you must consider the tax implications of filing for divorce. Generally, married couples file jointly. However, following a divorce, you must file as a single person, which can impact your return. You must also consider how to handle mortgages and property taxes following a divorce. In some instances, you may agree to split the cost or have one spouse claim it while the other will compensate them. Regardless, these factors must be carefully reviewed.
What Can I Do to Financially Prepare for a Divorce?
If you believe you want to file for divorce, there are certain things you can to do help financially prepare for this complex process.
One of the most important steps you can take is to prepare all necessary documents and files for your attorney. This includes previous tax returns, bank statements, loan information, life insurance policies, and a comprehensive list of your assets.
Not only does this help you better prepare, but it also prevents your spouse from trying to hide assets during the discovery process, as you have clear indications of your accounts and what you own as separate property.
Finally, having a clear picture of your finances allows you to prepare to budget for life after your divorce. Your finances will undoubtedly change as a result, and this can help make the transition less jarring.
How Can an Attorney Assist Me?
Unfortunately, you may find that divorce isn’t just a complex emotional time, but there are many financial and legal considerations you must make as well. As such, it is in your best interest to contact an experienced attorney as soon as possible to assist during this complicated time.
At the Zitser Family Law Group, we understand how anxiety-inducing a divorce can be. Not only are you leaving your spouse, but your life is inherently changing. As such, it’s essential to ensure you enlist the help of a member of our dedicated legal team. We understand how challenging these issues can be, so we’re dedicated to helping you navigate a high net worth divorce so you can focus on starting the next chapter of your life. Contact us today to learn more.
