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May 2019 - How to Prepare for the Financial Impact of Divorce

How to Prepare for the Financial Impact of DivorceDivorce can be emotionally draining and impact your life in ways you never imagined. Although the greatest effect is to the family, a divorce can be financially damaging as well. If you and your spouse have made the decision that divorce is your best option, your finances could be affected, as divorce is commonly cited as the leading cause for bankruptcy filing.

A prenuptial agreement can offer financial protection to both spouses in the event of a divorce but if you were married without one, your next best line of defense is knowledge. While it's important to act as partners while married, particularly when it comes to your finances, it's also important for each spouse to educate themselves about finances in the event of a divorce. Spouses should be aware of their investments, debts, family income and any other assets, including how they're titled.

Before going to an arbitrator, mediator, or attorney, you should do your homework. List your marital assets and get appraisals where necessary (art, antiques, etc.). You will want to have a handle on the values of the assets you own. You should also make a list of all of your financial obligations and needs.

If bankruptcy is added on top of a divorce proceeding, life can become even more stressful. Divorce ranks high on the list of reasons individuals file for bankruptcy and with good reason. The distribution of property in a divorce involves more than the family home; it can involve joint investments and any assets considered marital property. This can have a significant impact on each spouse’s financial picture. What’s more, you can find yourself responsible for part of your ex’s debt if the two of you held joint credit accounts or if you co-signed a loan agreement during your marriage.

Divorce can be financially devastating to one or both parties, but it is possible to get through it with your finances intact. Educating yourself and doing your homework can help prepare you to work with your attorney and reduce the financial impact on you and your children.

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I am an attorney and have practiced law for 26 years. I hired Vic to handle a very difficult family matter because I do not handle family law. Vic was extremely competent and obtained a result far beyond my expectations. Without his counsel my son's and family's life would have been changed forever. Thank you Vic for your good lawyering. I very much appreciate the personal attention and time dedicated to this matter. I highly recommend Vic.

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Victor's expertise, due diligence, and empathy for his client made my first experience with the law (and last) a non-stressful one. Before the case, I did my research and looked over about 20 lawyers before choosing Victor. All my sources pointed to him as the best and they weren't off even a bit. Victor treated my case like it was his own and kept me up to date with all my appointments, breakthroughs in the case, and guided me step through step in a process that I never thought that I had to come to endure. If Victor's not available Susy will go out of her way to take care you. The productivity and efficiency in that office is second to none. Thank you Victor!

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