Page | 17
This process involves: 1. Identifying Marital Assets: ● Cash savings, investments, and retirement accounts. ● Cars, boats, and other vehicles.
● Collectibles like jewelry and artwork. ● Real estate like your family home.
2. Valuing Your Assets: ● Getting accurate appraisals for complex items like artwork or real estate.
● Reviewing account statements and investment portfolios. ● Gathering documentation for vehicles and other valuables.
3. Reaching a Settlement: ● Working with your spouse (or through attorneys) to find a fair and agreeable division. ● Considering factors like individual incomes, future needs, and contributions to the marriage. ● Exploring options like selling assets and splitting proceeds if necessary. Remember: ● This can be an emotional process, so prioritize communication and respect. ● Seeking professional guidance from lawyers or financial advisors can be helpful. ● Ultimately, aim for a settlement that allows both of you to move forward financially secure.
By understanding these steps and prioritizing clear communication, you can approach asset division in a positive and informed way.
Reserves
DISCLAIMER This plan does not provide legal, tax, accounting, or therapy advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal, tax, accounting, or therapy advice. You should consult your own professional before engaging in any transaction. ● Increased independence: Having readily available funds can provide a sense of security and empower you to manage your finances independently during and after the divorce process. ● Preparedness for unforeseen costs: Legal fees, temporary housing, or other unexpected expenses can arise during a divorce. Having reserves can help you navigate these expenses without undue stress. ● Negotiation leverage: Access to personal funds can strengthen your position in potential financial negotiations or agreements. Planning for the Unexpected: Financial Considerations During Divorce Deciding on divorce is a complex and personal decision with various financial implications. One important step you can take during this time is to review your financial situation and consider setting aside some reserves. Here's why this might be beneficial:
Ray Pearson Broker/Owner, Cobbleridge Realty Corp (631) 320.5849 www.Cobbleridgerealty.com
Made with FlippingBook - professional solution for displaying marketing and sales documents online