Let’s face it: the emotional aspects of divorce are bad enough on their own. But throw property division into the mix and the entire process can quickly become exhausting if not even confusing.
Who gets the marital home? How do you handle pensions and retirement accounts? And what happens if one of you own a small business? Is that even a dividable asset?
Fortunately, author and and family law attorneyGayle Rosenwald Smith offers some relief with Divorce and Money: Everything You Need to Know. In about 250 pages, Smith provides us with an easy-to-read guide to help wade through the complex issues of property distribution. From choosing an attorney or financial advisor to valuing businesses and IRA’s, Divorce and Money provides a clear understanding of divorce laws and how they relate to your finances.
“Both parties in a divorce usually end up with less than they need to live comfortably. You cannot afford to give up any part of your fair share merely because you are afraid of being yelled at. Conversely, you can’t afford to give up too much because you feel guilty and just want to get it over with… Doing what is least painful at the time rather than what is necessary can be costly in the end.”
But where do you begin?
According to Smith, the first rule of thumb is to remove your emotions from the process.
And although that may sound hard to do, Smith provides you with simple instructions for taking inventory of what you own and assigning values. You’ll learn how to identify marital property and determine the best course of action when it comes to the family home. Should you sell and split the proceeds? Can one spouse afford to buy-out the other’s interests? That all depends upon your settlement and as Smith shows us, getting a good property settlement may be a crucial key to your long-term happiness.
Learn how to protect your assets and track them with checklists and charts. Discover the importance of insurance in a divorce and find out how to balance your budget with your debts once the divorce is final.
Should you fight it out in court or negotiate a settlement? How are stock options handled? Retirement accounts and pension plans? And what about support payments? Will you need them? How can you make sure you get paid?
Treating the divorce process as a business deal, Smith walks you through the various aspects and gives you solid advice for making sure your financial well-being is protected.