Couples in California dealing with an impending divorce are likely well aware of the most common worries that people are plagued by when going through the process. Property division is a major concern, but so are lifestyle changes that accompany the dissolution of a marriage. An authority on the subject in a recent piece warns of two common worries that can make a divorce even tougher psychologically than it has to be.
Each spouse in a divorce may be concerned that he or she is not getting a fair share of the shared assets. With simple financial situations, dividing property and other assets is usually also fairly simple, according to the experts. Couples who lead more complex financial lives, however, can face a daunting challenge in even identifying all of their assets, let alone splitting them. A forensic accountant may be able to seek out all property, bank accounts and other assets a couple might have. Once that is done, both parties in the divorce should seek to find a fair value for every asset.
Another fear affecting people going through a divorce is not knowing what they will end up with at the end. To avoid this fear, financial experts recommend that each spouse not only have it reported what assets they have, but they should also pay attention to and learn about what is in that report. A financial adviser can help couples see what each person will end up with when the property is divided and the divorce is final.
Property division may be a hard task, but an attorney experienced in working out complex valuation of marital property and assets may be able to help. Such a lawyer may be able to help couples reach an equitable division of property obtained during the marriage, including business assets and retirement accounts.
Source: CBS News, “Divorce financial planner: 3 common fears“, Robert Pagliarini, August 23, 2013