If you’ve made the decision to get a divorce, you’re probably looking to cut through all of the red tape and legal requirements as quickly as possible. After all, the sooner decisions are made and paperwork is signed, the sooner you’ll be able to move on to the next chapter of your life. While most divorces are completed within a year, the financial implications of a settlement have the power to negatively impact your life for years to come. It’s important that you take a step back and look at the big picture in three important areas.
Every state’s laws are different, but according to the Pension Rights Center, an individual’s pension plan is often one of the most valuable assets of any marriage. If you’ve been at the same job for multiple years, it’s important to consider who will get what. Depending on the ultimate settlement, you may have to work longer or harder than expected.
As we get older, we tend to encounter more health problems. It’s important to consider how dissolving your marriage will impact this area of your life. Do you currently share a health insurance policy with your spouse? If so, do you regularly take prescriptions or have monthly appointments? Take the time to research your healthcare options and costs.
Stocks, bonds, and property
Do you and your spouse share any stocks, bonds or properties? If you didn’t sign a prenuptial agreement, all of these assets are up for grabs. Court hearings and legal decisions can take weeks or even months. Try and work these things out between the two of you, it will save you a significant amount of time and money.
Here at Hoffman Divorce Strategies, we regularly handle the preparation and qualification of Qualified Domestic Relations, Military Pension Division Orders, State, Federal and Other Pension Division Orders for attorneys on behalf of their clients. We’ll work with your team of attorneys to establish a financial plan that makes sense for you and your family.