Going through a divorce is one of the most stressful life-changing events you may ever experience. The need to make good decisions can seem overwhelming. However, when those are informed decisions, you can feel in control of the process instead of feeling like the process is controlling them.
The first step toward making informed decisions is to determine your future goals. Important steps in making informed decisions include:
Once you have gathered all your financial information, you will know exactly what your family estate looks like. It is not unusual to be surprised to discover exactly what assets and liabilities you have as a couple.
When we have this information, we can take the financials and plug in different scenarios on different types of divisions so you and your spouse have an idea about what your post-divorce future will look like. This allows you to negotiate with your spouse from a place of knowledge. You can decide together what is best for each of you.
For example, will it be necessary to sell the family home? Can one spouse stay in the family home and the interest in the home be offset by giving the other spouse a higher percentage of the retirement account?
With this knowledge, you can make an informed decision and avoid having a property division forced upon you, a division that might not be in your best interest.