If you’re going through a divorce, the unfortunate fact is both you and your spouse will make and accept decisions that have a major impact on your financial situation now and in the future. Prepare and educate yourself as much as you can.
While many people choose to consult with one of the divorce lawyers in Pasco County, FL, too few people engage a financial planner and/or CPA’s expertise. Here are the most common and largest financial concerns of a divorce:
Dividing Property
One of the first decisions you have to make in a divorce is how you’ll divide the property you own.
Who gets the family heirlooms? Who gets the stocks or savings? What about the house and furniture? Or the car? It can be extremely difficult to split up the accumulated belongings of years of marriage.
Dividing Debts
Divorce lawyers often say it can be more difficult deciding who will be responsible for any debt you have incurred as a couple. Order your credit report from all three credit reporting agencies: Equifax, Experian, and TransUnion. Your credit report will break down everything you owe in your name, including joint accounts you share with your spouse.
Tax Issues
Many people forget to think through their divorce’s tax implications, and these oversights can cost thousands of dollars or more. This is where a certified public accountant (CPA) is a valuable resource as a part of your divorce team.
