As a professional and established firm helping with divorce scenarios, at Financially Independent Transitions, we hear a lot of the same questions from clients. Here are some of the top questions that those who are going through a divorce need to have answered:
Who Gets What?
This question is laughably simple, in some ways, and really has to be answered in a more complex way, after doing some research on the individual case.
Of course, that question is at the top of the list for many of these parties to a divorce who are wondering what the asset split is. You hear a lot about dividing everything half-and-half, but it's really a lot more complex than that. It depends on a variety of factors, including the context of the family life that existed prior to the divorce. We help our clients to navigate all of that complexity to figure out what the final result is going to look like.
Which of My Assets Are Shielded From Loss?
Different states have different rules on the splitting up of personal assets in the divorce. For example, what about inheritance money or other windfalls?
Again, it's best to approach these questions on a case-by-case basis. We’ll work with clients to come up with a game plan and explain why some assets may be treated differently than others.
What About the Value of My Work?
One issue that comes up a lot in modern divorces is the work history of the two parties involved.
So often in today's society, one of the partners will give up specific career goals in order to raise children. Ideally, and in many cases, the parents collaborate on raising the children, but ultimately, one often provides more of this service than the other, and it can have an impact on that person’s career and work life.
As a society, we've moved a certain way toward valuing the work in the family home, but there are still a lot of issues with how this is done – which lead to those common client questions. We often help our clients to understand this process better.
I Paid (x) Bill: Now What?
Often we hear from a spouse who has made the majority of the mortgage payments on a home or other jointly owned property. We hear from spouses who have paid the lion's share of the utility bills, or property taxes or other costs. They have certain expectations, then, when it comes to dividing up the assets.
This is another common question that takes some particular thought to address. It’s not always cut and dried – in fact, in most cases, it’s not!
Have questions? Contact us and ask about what you can expect in a divorce.