Divorcing couples should contemplate these financial factors

On Behalf of | May 14, 2021 | Divorce Law

Divorce is challenging, especially when it comes to money matters, No matter how well-off you are financially, you will still need to consider your finances when getting a divorce. The following addresses what any couple should take into consideration financially when going through a high-asset divorce.

As you go through the high-asset divorce process, it is important to document everything from financial transactions to childcare expenses. A team of experts, including family law attorneys, financial advisors and ERISA specialists, can be very helpful as you navigate complex issues such as:

  • Deciding whether to sell your marital home and split the proceeds (marital household maintenance and expenses can be difficult for just one spouse to handle)
  • Determining fair market values of marital property
  • Updating your estate plan to ensure your beneficiaries and insurance information is up to date
  • Determining what you are entitled to under your spouse’s 401(k)
  • Filing taxes (joint taxes, if you and your spouse will still be married as of December 31 of the tax year)

Additionally, you want to remember that the longer the process goes on, the less time and money you will have to spend on the divorce, particularly if you have children. Even couples that break up on good terms can find themselves getting lost in minute details that do not matter in the long run. A Houston divorce attorney can make sure you prioritize what is important and always keep the bigger picture in mind.