Divorce expenses to consider

May 5 2016 - Posted by , in High Asset Divorce

When a Houston area resident is going through a divorce,it can be hard to look past the emotions and consider the financial aspects as well. A divorce is an extremely emotional time and it can be difficult to make any financial decisions at that time. There are some things a person should consider during the divorce process.

First, property values are extremely important in a divorce settlement. Property division is one of the major contentious issues that spouses face. Each spouse should fill out a financial statement that lists assets and what they think they are worth. This can help identify which items may need special valuation. Filling out this form can result in less delay and identify important differences before mediation begins. Second, decide what to do with the family residence. If one spouse wants to keep the house, an immediate refinance to get the other spouse off the mortgage may be a good idea. Knowing the current and future costs of the house and what other housing may cost is also important. A divorce may be a good way to downsize housing costs as well.

The divorce itself can prove to be costly if it is litigated. A divorce using mediation is more cost effective and spouses should consider this option. Finally, always keep in mind what the future, after the divorce, will look like. Using a budget worksheet, work through the expenses that will be present after the divorce in a one-income household. It can help a person determine where to live and what expenses should be cut out.

A person who is going through a divorce may want to speak with a legal professional skilled in family law. An attorney can identify all of the important issues and make sure their client’s needs are being met both now and into the future. They are skilled at knowing how to mediate and create a fair settlement for both parties.

Source: forbes.com, “What I wish I knew before my divorce“, Michael Smith, May 1, 2016

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