Financial planning important in divorce
North Carolina residents who are facing the end of their marriages should consider speaking to a financial adviser. This is a step many people put off until after the divorce, but at that point, they may have already made bad decisions that affect their future. When people have been less involved with the family finances, it may be their first opportunity to learn about the kind of planning they will need after the divorce.
For people who have been the stay-at-home parent, getting the house in the divorce while the other spouse takes liquid assets such as pensions might seem like a good deal. However, that person might not factor in the cost of upkeep and insurance on the house. The liquid assets might continue to appreciate while the other person struggles to pay for the costs associated with the home.
In one divorce, a woman’s husband took out a home equity loan on the house and did not tell her. As a result, the house she got was far more burdened by debt than she realized. A spouse might even attempt to conceal assets. A financial planner might be able to detect a deception like an offshore bank account.
A person who is considering divorce may also want to meet with an attorney. After talking with a financial planner, it might be possible to map out a strategy with the attorney. Things to consider might include whether one spouse will owe support to the other and whether joint custody will be sought if there are children involved. Another discussion may be whether to pursue mediation or negotiation or whether litigation will be necessary.