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Finance-minded divorce planning can be advantageous

On Behalf of | Dec 12, 2019 | Divorce |

The marital dissolution rate has decreased from nearly 50% to 39% from the 1980s to now. Nonetheless, divorce sometimes is unavoidable because two married individuals cannot resolve their differences. Although divorce can certainly take a toll on people financially in San Antonio, a little finance-minded planning can go a long way in minimizing the negative impacts of divorce.

For starters, it may be helpful to seek the assistance of a financial planner before embarking on the divorce process. The reason for this is that these individuals can help a person who is going through divorce to have a firm understanding of the assets they own as well as their liabilities. This is essential for both parties, but it is particularly critical for the spouse who was not heavily involved in the household finances. This is the person who, for example, did not pay the bills, create the budget, or make contributions to investment and retirement accounts.

Information about assets and liabilities can be found on a wide variety of documents. For instance, statements associated with savings or checking accounts, as well as HSAs, can reveal cash assets. In addition, retirement assets are spelled out on pension, IRA and 401(k) documents. Additional documents that offer essential asset and liability details include credit card account statements, tax return documents and bank statements.

An attorney can help a person who is getting divorced to decide how best to divide his or her marital assets and address liabilities. For instance, keeping the family home may be beneficial for some spouses, whereas claiming other types of assets instead may be better for others depending on their unique situations. The attorney will pursue the best outcome for the client given the circumstances surrounding his or her divorce in San Antonio.