Untangling Your Finances When You Divorce: Don’t Forget These Important Details
Divorce is an emotional time for everyone involved, but neglecting diligent follow up can impact your finances. There are several areas that can easily be overlooked when you are constantly having disagreements, child custody battles and alimony issues. Whether it is the husband or wife who has been in charge of the finances, it is important for both spouses to get familiar with their planning.
Let’s break up the task of untangling years of intermingled finances into three parts.
Part 1 of the Law of Division: Your Accounts
Get Your Home Title and Mortgage Squared Away
The largest asset to deal with in a divorce is usually the house. If the house needs to be sold, keep in mind there may be a large capital gain on the property, which needs to be accounted for.
