If you and your spouse decide to divorce, you may call your lawyer as the first step to begin the process. However, you should also get in touch with a financial advisor as your prepare to end your marriage. If you’re a Delaware resident considering divorce, here are some important things to keep in mind.
Divorce, emotions, and money
Most of the time, divorce will have a profound impact on an individual’s financial well-being both immediately and in the future. Once you accept that your marriage is ending, money may be the last thing on your mind. However, it’s important to consider your finances in the event of divorce.
Divorce occurs in an emotional environment, and couples will likely be making financial choices that affect them long after the divorce is final. For this reason, divorcing couples should consider the future when organizing their finances.
What to consider in divorce
Unless you are extremely wealthy, splitting from your spouse will impact your current standard of living whether the divorce settlement is litigated or mediated. It is more expensive to maintain two households. If one spouse was the stay-at-home parent, they will likely have access to fewer assets and less income.
Unless you had a short marriage that ended amicably with no children, modest income, and minimal marital assets, the divorce process is bound to get complicated. Instead of rushing simply to get things over with, make sure to take your time when it comes to valuing and splitting assets like retirement accounts, the family home, and other investments. You don’t want to hurt your financial future by making rash decisions now that will impact your life for years to come.